IROBOT CORP: going-concern / distress — iRobot files Chapter 11 prepack; Picea to acquire 100% equity; existing stock cancelled

IROBOT CORP

On Dec 14, 2025, iRobot and subsidiaries filed prepackaged Chapter 11 petitions in Delaware to implement a financial restructuring.
Under the Plan, secured lender Picea receives 100% of reorganized common equity; existing IRBT shares cancelled with no recovery for holders.
Picea agreed to support the Plan under a Restructuring Support Agreement; milestones target Court confirmation within 45 days and effective date by Feb 2026.
Executive retention bonuses paid Dec 10: CEO Cohen $1.575M, President Engel $848k, CFO Wong $597k, CHRO Connelly $371k.
Two-year Supply Agreement with Picea signed Dec 11; Picea's payment right tolled 55 days then net 90-day terms.

item 1.01 item 1.03 item 2.04 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

IROBOT CORP faced acceleration on credit facility with Santrum.

Instrument: credit facility
Counterparty: Santrum
Event: acceleration

Exact text from the filing

The filing of the Chapter 11 Cases described in Item 1.03 above constitutes an event of default under the Company’s Credit Agreement entered into on July 24, 2023, as amended (the “Credit Agreement”), by and among the Company, each lender from time to time party thereto, and Santrum, as administrative agent and collateral agent. The Credit Agreement provides that, as a result of the Chapter 11 Cases, the principal and interest due thereunder will be immediately due and payable without notice from the lenders thereunder.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

IROBOT CORP entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2025-12-14).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2025-12-14

Exact text from the filing

Voluntary Petitions for Reorganization On December 14, 2025 (the “Petition Date”), the Company and its subsidiaries iRobot US Holdings, LLC and iRobot Holdings LLC (together with the Company, the “Company Parties”) filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Court”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

IROBOT CORP amended Eleventh Amendment to Lease with XChange Property Owner, L.P. valued at Amendment provides for termination of lease as to a portion of premises, contraction to ~102,000 ren (effective 2025-12-12).

Action: amendment
Agreement: lease
Counterparty: XChange Property Owner, L.P.
Value: Amendment provides for termination of lease as to a portion of premises, contraction to ~102,000 ren
Effective: 2025-12-12

Exact text from the filing

On December 12, 2025, iRobot Corporation (the “Company”) and XChange Property Owner, L.P. (“Landlord”) entered into an Eleventh Amendment to Lease (the “Lease Amendment”), which amends certain provisions of that certain Lease Agreement, by and between the Company and Landlord, dated as of February 22, 2007, as amended (the “Lease”), regarding the Company’s corporate headquarters located at 4-12 Crosby Drive, Bedford, Massachusetts.

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42 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-25-318337

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