Sientra gets approval of bid procedures; auction set for March 28

By Sarah Lizee

Olympia, Wash., March 5 – Sientra, Inc. received approval of bid procedures, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As a reminder, the company plans to pursue an expedited going-concern sale of its business.

Under the bid procedures, the deadline to choose a stalking horse bidder is March 8, and the deadline to submit qualified bids is 5 p.m. ET on March 25.

An auction is set to take place on March 28, and a sale hearing is scheduled for April 10.

Stalking horse bid protections may include a 3% breakup fee and a $500,000 expense reimbursement.

The medical aesthetics company is based in Irvine, Calif. The company filed bankruptcy on Feb. 12 under Chapter 11 case number 24-10245.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.