June 27, 2016 / 11:36 AM / in 3 years

GoPro rival files for Chapter 11 with plans for new camera

ION Worldwide Inc, a rival to action camera maker GoPro Inc, filed for Chapter 11 bankruptcy protection on Friday after striking a restructuring agreement with Sky Light Holdings Ltd and Kim POV LLC to reduce its debt by more than $15 million.

Privately held iON filed in Bankruptcy Court in Delaware, stating it would seek court approval for a loan of up to $1.5 million from Sky Light and Kim to help work through bankruptcy in order to stay in business.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/290xECB

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