Dextera Surgical (f/k/a Cardica) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 17-12913.
The Company, which manufactures medical devices, is represented by Mark Minuti of Saul Ewing Arnstein & Lehr. According to documents filed with the Court, “To preserve going-concern value and enable the Debtor to execute its business plan, Dextera has been pursuing potential merger or acquisition partners, or potential major investors, for approximately one year.” The Company initiated this Chapter 11 filing with a stalking horse asset purchase agreement (APA) with Aesculap as stalking horse bidder.”
In addition, “The APA that provides for the sale of substantially all of its assets, subject to Court approval and higher or otherwise better competing offers. The APA provides for the following purchase price: $17,300,000 in cash, plus assumption of assumed liabilities.
Read more Dextera Surgical bankruptcy news.
The post Dextera Surgical Bankruptcy Filing appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.