BRIEF-Sientra To Pursue Strategic Sale Of Its Business Through Voluntary Chapter 11 Process

Reuters

2024/02/13

Feb 13 (Reuters) - Sientra Inc :

* SIENTRA TO PURSUE STRATEGIC SALE OF ITS BUSINESS THROUGH VOLUNTARY CHAPTER 11 PROCESS

* SEEKS TO EXECUTE AN EXPEDITED SALE PROCESS

* INTENDS TO PURSUE A SALE OF ITS BUSINESS UNDER SECTION 363 OF BANKRUPTCY CODE,

* WILL UTILIZE EXISTING CASH RESERVES AND $22.5 MILLION IN NEW MONEY DEBTOR-IN-POSSESSION FINANCING FROM EXISTING LENDERS TO FACILITATE SALE

* DEBTOR-IN-POSSESSION FINANCING WILL ALSO INCLUDE A "ROLL UP" OF $67.5 MILLION OF SIENTRA'S PREPETITION DEBT OBLIGATIONS

* WILL CONTINUE TO OPERATE ITS BUSINESS DURING THIS PROCESS

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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