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TXCCQ > SEC Filings for TXCCQ > Form 8-K on 21-Nov-2013All Recent SEC Filings

Show all filings for TRANSWITCH CORP /DE



Bankruptcy or Receivership, Triggering Events That Accelerate or Increase a D

Item 1.03. Bankruptcy or Receivership.

On November 21, 2013, TranSwitch Corporation (the "Company") filed a voluntary petition (the "Bankruptcy Filing") for relief under Chapter 7 of the United States Bankruptcy Code (the "Code") in the United States Bankruptcy Court for the District of Connecticut (the "Bankruptcy Court"). The Bankruptcy Filing is being administered under case number 13-51829. As a result of the Bankruptcy Filing, a Chapter 7 trustee will be appointed by the Bankruptcy Court and will assume control of the Company. The assets of the Company will be liquidated in accordance with the Code.

Item 2.04. Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

The Bankruptcy Filing constituted an event of default under the terms of the Amended and Restated Business Financing Agreement dated November 4, 2013 between the Company and Bridge Bank, National Association. As of the date of the Bankruptcy Filing, approximately $414,575 remains outstanding under such agreement.

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