DragonWave Inc. (“DragonWave”), headquartered in Ottawa, Canada,was a publicly traded, multinational provider of high capacity wireless ethernet equipment used in internet protocol (IP) networks. DragonWave developed, marketed and sold proprietary microwave radio frequency networking equipment designed to wirelessly transmit broadband voice, video and other data.
Due to liquidity and other issues, DragonWave’s senior secured lender brought a receivership application. We were appointed as Receiver to, among other things, carry out a sale process (the “Sale Process”). DragonWave, the Canadian parent company, was the only entity subject to the receivership proceedings - all of DragonWave’s foreign subsidiaries, including entities in the United States, Europe, Middle East and Asia, continued operating outside of the receivership during the Sale Process.
We developed and executed the Sale Process targeted at strategic and financial buyers across North America. In addition to conducting the Sale Process, our mandate included overseeing DragonWave’s worldwide operations during the receivership period. The result of the Sale Process was the completion of a Court-approved going-concern transaction to a third-party US based strategic purchaser for the business and assets of DragonWave, including the shares of all of its subsidiaries. The business of DragonWave continues today, under new ownership.