IRVINE, Calif. - Sientra, Inc. (NASDAQ: NASDAQ:SIEN), a medical aesthetics company, has filed for Chapter 11 bankruptcy protection and is seeking to sell its business, according to a statement released on February 13, 2024. The filing, made in the U.S. Bankruptcy Court for the District of Delaware on February 12, is part of a strategy to manage debt while continuing operations.
The company, which specializes in surgical aesthetics products, has secured $22.5 million in debtor-in-possession (DIP) financing from its current lenders. This financing is intended to support the company's operations and facilitate the sale process under Section 363 of the Bankruptcy Code. Additionally, the DIP financing includes the roll-up of $67.5 million of prepetition debt.
Sientra's President and CEO, Ron Menezes, expressed optimism about the company's future, noting that multiple parties have shown interest in acquiring the business. Menezes emphasized the company's commitment to maintaining service quality and product availability for its customers during the transition.
The company will continue to operate throughout the sale process, aiming to stabilize financially and succeed under new ownership. Legal counsel for Sientra during this period includes Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones, with Stifel / Miller Buckfire acting as investment banker and Berkeley Research Group, LLC serving as financial advisor.
The information in this article is based on a press release statement from Sientra, Inc.
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