Katerra gets bankruptcy court approval to sell interests in Pallet

By Sarah Lizee

Olympia, Wash., Sept. 23 – Katerra, Inc. secured court approval to sell all of its interests in Pallet, SPC, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

As part of the company’s process of winding down its businesses and selling its assets, Katerra engaged with potentially interested parties to maximize the value of the Pallet shares through a sale, as previously reported.

MKS Ventures, LLC agreed to purchase the shares for $1.03 million, or $1.17 per share.

The stock purchase agreement contemplates that Katerra will continue marketing the shares for another two weeks in order to seek higher or better offers.

So far, however, the company has not received any interest from other parties for the shares.

Katerra is a technology-enabled construction company based in Menlo Park, Calif. The company filed bankruptcy on June 6 under Chapter 11 case number 21-31861.

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