ION Worldwide Inc., a maker of wearable digital recorders that competes with industry leader GoPro Inc., has filed for bankruptcy after seeing its revenue drop significantly last year, the Wall Street Journal reported today. The New Jersey company has already reached a restructuring support agreement with one of its lenders, which would cut more than $15 million in debt from its balance sheet and allow iON to stay in business. ION Chief Financial Officer Chris Oatway said in court papers filed last week that the cash-starved company has been mired with problems, including disputes with one of its licensed brands and an intellectual-property lawsuit with GoPro. ION makes a line of wearable cameras in a variety of sizes, home-security products and dash cams, among other products, under the iON and Contour brands. ION saw its revenue drop to $12.4 million in 2015 from more than $25 million in 2014, Oatway said in court papers. The company sought to cut costs, and it laid off employees, but that wasn’t enough to stave off bankruptcy.
