EIP Microwave Files Chapter 11

Siting financial difficulties, EIP Microwave Inc. (Portland, OR) is selling the majority of its assets to Phase Matrix Inc. EIP has filed a petition under Chapter 11 of the US Bankruptcy Code.

Over the past few months, EIP management has been engaged in efforts to obtain a purchaser or purchasers for the assets of the company. Efforts have been made to achieve a sale that recognizes the going concern value of the assets. Management of EIP has negotiated directly with four different competitors, with former employees, and with four different liquidators.

The hearing on the motion to sell assets will be held at the Bankruptcy Court in San Jose on June 8 at 2 p.m. EIP manufactured microwave and radio frequency test and measurement instruments.