Sientra files Chapter 11 plan and disclosure statement

By Sarah Lizee

Olympia, Wash., April 16 – Sientra, Inc. filed a Chapter 11 plan and disclosure statement on Monday with the U.S. Bankruptcy Court for the District of Delaware.

The plan provides for an administrator to liquidate or otherwise dispose of the remaining assets of the estates. The company sold most of its assets to Tiger Aesthetics Medical, LLC for $42.5 million in cash and Nuance Intermediary, LLC for $8 million.

Holders of other priority claims and other secured claims are expected to be paid in full under the plan.

Holders of prepetition first-lien secured claims will receive their pro rata share of a prepetition first-lien deficiency claim.

Claimholders in class 4, which consists of general unsecured claims, debtor-in-possession facility deficiency claims and prepetition first-lien deficiency claims, will receive their pro rata share of distributable assets, if any, in line with a waterfall recovery.

Holders of intercompany claims, intercompany interests, interests in Sientra and section 510(b) claims will receive nothing.

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

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