Mako Networks has been bought by a United States firm for $3 million.
The Auckland-based network security provider owes around $26 million to Spark, which appointed receivers to the firm the day after the company's shareholders put it into liquidation.
Receiver Neale Jackson confirmed this morning that Spark would not get back all of what it was owed but could not say how much this shortfall would be.
The purchaser of Mako Networks is US telco D&S Communications, which has installed 4000 Mako Network devices for Chevron.
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• Spark owed $26m by troubled Mako Networks