As Judge Brian Cregan phrased it: “This is very choppy waters now, for everyone.” So what happened over the past week to bring Altada, Cometgaze, Datech, creditors, and employees into this period of squally swell?
A group of investors that includes Eddie Jordan, Elkstone, Princeton and others has edged ahead for the insolvent Cork AI firm. But staff are objecting to the deal.
In terms of value, the insolvent Cork artificial intelligence firm was described as a "melting ice cube"; without a quick sale staff will leave and there will be nothing left. But a liquidation report has raised "weighty" concerns about the company's borrowings and spending.
The buyer of loans owed by the Cork artificial intelligence start-up in receivership has a long history with the company. The move comes as bidders express interest in acquiring the business.
Just a few months after lending debt finance to Altada, a group of Irish investors have appointed a receiver to the firm. How its founders will respond remains unclear.
The Cork-based AI start-up has admitted to funding difficulties leading to staff lay-offs in recent weeks. But it is only revealing now that the investor who rescued the company from insolvency resigned as director three months ago.
To exit a 2019 examinership, cash-strapped Altada agreed to replace its co-founder Allan Beechinor with new shareholders and directors three years ago. Within months, he returned - here is how it happened.
Altada’s Allan Beechinor and Niamh Parker address the controversies and the future of the hotly tipped artificial intelligence start-up. But what is really going on?
The AI data firm has had to furlough employees after failing to raise a series A round earlier this year. It is now working on an alternative funding plan.
Altada has survived insolvency and a shareholder battle. Just. There has been a great cost to the three founders, who have been wiped out in the examinership. Now, however, the Cork based tech start-up has a new champion.
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