BIOLASE Pursuing Sale Through Bankruptcy Code
Dental laser developer BIOLASE has filed for Chapter 11 bankruptcy protection, the company said in a statement this week. The company is pursuing a sale process under Section 363 of the Bankruptcy Code in conjunction with the filing. BIOLASE was previously
delisted from the Nasdaq this summer.
BIOLASE has concurrently entered into a $14 million asset purchase agreement with Sonendo Inc., a California-based medical equipment manufacturer focused on dental health. Under the agreement, Sonendo will acquire substantially all of the assets of BIOLASE through a court-supervised auction process, subject to bankruptcy court approval and certain other conditions. This bid will serve as a starting point for the company's sale process, which may include other bidders.
BIOLASE has also received a commitment from SWK Funding LLC for $2.5 million in Debtor-in-Possession financing, including a $1.43 million interim advance. The funds, subject to court approval, will enable the company to operate business uninterrupted and continue to meet its financial obligations, including the timely payment of employee wages and benefits, continued servicing of customer orders and shipments, and other obligations.
LATEST NEWS
- Lynred Bolsters IR Sensors Portfolio, Acquires New Imaging Technologies
Oct 7, 2024
- Union Park Capital Acquires iiM GmbH
Oct 7, 2024
- Deep Learning-Based Method Guards Against Chip Tampering
Oct 7, 2024
- BIOLASE Pursuing Sale Through Bankruptcy Code
Oct 7, 2024
- Infleqtion, Thorlabs Partner on Quantum Commercialization: Briefs: 10/4/24
Oct 4, 2024
- Valens Semiconductor Develops MIPI A-PHY-Compliant Chipsets
Oct 4, 2024
- OLED Tech Provides Optogenetic Light Source for Cochlear Implants
Oct 3, 2024
- NTT and NEC Enable Sensing in IOWN All-Photonics Network
Oct 3, 2024