SVXR Inc., an early-stage company making automated inspection equipment for the semiconductor industry, is planning to sell itself out of bankruptcy to competitor Bruker Nano Inc. for $11.8 million and said it needs to do so quickly, WSJ Pro Bankruptcy reported. Formerly known as Silicon Valley X-Ray, privately held SVXR filed for chapter 11 Wednesday with roughly $10.5 million in debt, including $517,000 owed to the U.S. Small Business Administration and $8.2 million owed to secured bondholders. The company’s main product, the X200, allows customers to monitor and detect defects as semiconductors are being made, according to court papers. Founded in 2013, SVXR has invested heavily in its technology and has never been cash-flow positive, Chief Executive Officer Daniel Trepanier said in a Thursday court filing. He said SVXR sells the X200, data analytics tools and warranty services to “six key customers that are well-known leaders in the semiconductor fabrication industry.” SVXR has been pursuing a strategic transaction or debt refinancing for nearly a year, he said, noting that the company is in default on its secured debt obligations. The company’s backers include Samsung Venture Investment Corp. and Firsthand Technology Value Fund Inc., according to court papers filed in the U.S. Bankruptcy Court in San Jose.
