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Giant Eagle to assist tech company reorganize
A technology company owned in part by Giant Eagle has emerged from Chapter 11 bankruptcy protection behind a reorganization plan backed by the retailer.
1 Min Read
A technology company owned in part by Giant Eagle has emerged from Chapter 11 bankruptcy protection behind a reorganization plan backed by the retailer.
Giant Eagle’s investment in Seegrid Corp. had been the subject of several lawsuits from Seegrid’s former CEO, Anthony Horbal. In approving the reorganization, a Delaware bankruptcy court judge rejected all objections by Horbal and found that Seegrid’s directors, including Giant Eagle’s appointees, had acted in good faith.
Seegrid makes robotic “vision-guided vehicles” that can see and navigate for industrial use. Giant Eagle invested in the company after testing its prototype robots in its warehouses, and today is its lead investor and biggest lender.
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Horbal had argued that Giant Eagle had attempted to “hijack” the company at a discount by blocking investors, reports said. The company filed a pre-packaged bankruptcy in October.
"We are excited that in three short months, the bankruptcy court confirmed that the plan of reorganization provides the best opportunity for Seegrid to fulfill its considerable potential,” David Shapira, Giant Eagle’s executive chairman, said in a statement Friday.
