Accrue Software, Inc. announced that it has completed the anticipated sale of substantially all of its assets to Datanautics, Inc., a newly formed company financed by institutional investors, following the approval of the such sale by U.S. Bankruptcy Court for the Northern District of California in Oakland, California.
The purchase price consisted of cash, cancellation of indebtedness owed to Datanautics and Datanautics convertible promissory notes to be issued to certain secured creditors of Accrue. In connection with the purchase of the Accrue assets, Datanautics will assume certain Accrue liabilities, including Accrue customer obligations. Accrue intends to file a Chapter 7 liquidating plan with the Court and to seek to close its Chapter 11 case.
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