Rachel Klemovitch06.22.23
Surgalign Holdings, a global medical technology company announced its entrance into an asset purchase agreement to sell all its U.S. hardware and biomaterials assets and equity interests in non-Debtor entities related to the Debtors’ hardware to Xtant Medical Holdings for $5 million.
The sale will be effectuated through the chapter 11 proceedings in which Surgalign elected to file voluntary petitions under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
Surgalign also filed a motion to seek authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code, to which Xtant will be designated as the stalking horse bidder. The proposed sale process encompasses other assess that are not the subject of the Asset Purchase Agreement.
The company has filed a series of motions with the Bankruptcy Court seeking to ensure normal operations during this process, believing that it has sufficient liquidity to conduct its business in an uninterrupted manner and fund the chapter 11 proceedings.
The sale will be effectuated through the chapter 11 proceedings in which Surgalign elected to file voluntary petitions under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
Surgalign also filed a motion to seek authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code, to which Xtant will be designated as the stalking horse bidder. The proposed sale process encompasses other assess that are not the subject of the Asset Purchase Agreement.
The company has filed a series of motions with the Bankruptcy Court seeking to ensure normal operations during this process, believing that it has sufficient liquidity to conduct its business in an uninterrupted manner and fund the chapter 11 proceedings.