iRobot enters pre-packaged Chapter 11; Picea to take ownership

Three key points

1. iRobot, the maker of Roomba, entered a Restructuring Support Agreement with its secured lender and primary contract manufacturer Picea, under which Picea would acquire iRobot through a court-supervised process. iRobot and certain affiliates began a pre-packaged Chapter 11 process in the District of Delaware, which the company expects to complete by February 2026.
2. Picea would receive 100% of iRobot's equity, and iRobot said it expects to keep operating without disruption to app functionality, customer programs or product support.
3. Once complete, iRobot expects to be a private company wholly owned by Picea, its stock would no longer be listed on Nasdaq, and common shareholders are expected to receive no equity.