EL SEGUNDO, Calif.--Dec. 7, 2015-- Fuhu, Inc., the creator of the award-winning nabi® tablet and the foremost innovator in technology solutions for families, announced today that it has agreed upon the principal terms of an asset acquisition by Mattel, Inc. In order to proceed with a sale, Fuhu commenced voluntary proceedings under Chapter 11 in the U.S. Bankruptcy Court in Delaware. The acquisition will be subject to final documentation, customary conditions to closing, and overbidding as it is proposed to be effected through a sale process overseen and approved by bankruptcy court.
"We expect to be able to satisfy ongoing obligations to customers, vendors and employees pending the sale and ensure the bright future of the nabi franchise with the proposed acquisition and with the protections afforded by the Bankruptcy Code" said Jim Mitchell, Chief Executive Officer of Fuhu, "Most importantly, we expect to continue to ship our award-winning nabi products to our customers, provide support and troubleshooting to our customers, honor existing nabi Shop gift cards, and continue to develop our award-winning software, including nabi Pass, the kid-safe app and content subscription service."
The Company carefully examined the various alternatives available and concluded that a commencement of a case under chapter 11 the bankruptcy code provides the most effective and efficient process to enhance the value of the Company’s assets for all stakeholders and continue operating the business in normal course for its customers and consumers.
Bryan Cave LLP and Pachulski Stang Ziehl & Jones LLP are serving as Fuhu's legal advisors, FTI Consulting, Inc. as its financial advisor, and KRyS Global USA as its investment banker.
More details and up to date information on the proceeding are available at http://www.fuhu.com/restructuring
About Fuhu, Inc.
Fuhu, Inc., the creator of the nabi brand, is the leading designer, seller and innovator of high-tech consumer products, services and solutions for children and their families. Fuhu is committed to creating family solutions that are: (1) socially responsible, (2) made right, (3) make a difference in people's lives, (4) For Parents. By Parents.® and (5) dedicated to the intellectual development of children. Fuhu, Inc. is the World's No. 4 Most Innovative Company in Consumer Electronics as ranked by Fast Company in 2015. Headquartered in El Segundo, Calif., Fuhu has offices in China, Hong Kong and Taipei. For more information, visit www.fuhu.com and www.nabi.com.