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February 22, 2003 | From Times Staff and Wire Reports
STM Wireless Inc. filed for bankruptcy protection and agreed to be bought by an investment firm that intends to take the Irvine-based maker of satellite networking gear private. Sloan Capital Partners agreed to pay $4 million for the assets of STM. In its bankruptcy filing, STM listed assets of $22.7 million and liabilities of $19.9 million. STM shares, which peaked at $20.25 in 1997, fell 19 cents to 3 cents on Nasdaq.
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BUSINESS
February 22, 2003 | From Times Staff and Wire Reports
STM Wireless Inc. filed for bankruptcy protection and agreed to be bought by an investment firm that intends to take the Irvine-based maker of satellite networking gear private. Sloan Capital Partners agreed to pay $4 million for the assets of STM. In its bankruptcy filing, STM listed assets of $22.7 million and liabilities of $19.9 million. STM shares, which peaked at $20.25 in 1997, fell 19 cents to 3 cents on Nasdaq.
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