iRobot Corp. filed for bankruptcy after reaching a restructuring support agreement that will hand control of the consumer robot maker to Shenzhen PICEA Robotics Co., its main supplier and lender, and Santrum Hong Kong Co.

The Massachusetts-based company filed for Chapter 11 bankruptcy in the District of Delaware on Dec. 14, according to a news release.

Under the restructuring, vacuum cleaner maker Shenzhen PICEA will receive the entire equity stake in the reorganized company. The company’s common stock will be wiped out under the proposed Chapter 11 plan.

The plan will allow the debtor to remain as a going concern ...