BIOLASE, INC: going-concern / distress — BIOLASE files Chapter 11, enters stalking horse asset sale with Sonendo for $14M

BIOLASE, INC

Filed Chapter 11 on Oct 1, 2024; will operate as debtor-in-possession under Bankruptcy Court.
Stalking horse APA with Sonendo: $14M cash plus assumed liabilities and Delaware litigation settlement.
DIP financing commitment of at least $2.5M from SWK Funding LLC; $1.43M interim advance.
Sale subject to court-supervised auction; higher bids may emerge.
Securityholders likely receive no recovery; equity investment highly speculative.

item 1.01 item 1.03 item 2.04 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

BIOLASE, INC entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-10-01).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-10-01

Exact text from the filing

On October 1, 2024, BIOLASE, Inc. (the “Company”) and its direct domestic subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Petitions”) under chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0000950170-24-110801

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