Accelerate Diagnostics, Inc: going-concern / distress — Accelerate Diagnostics files Chapter 11; Indaba to acquire assets via $36.9M credit bid

Accelerate Diagnostics, Inc

Filed voluntary Chapter 11 petitions in Delaware Bankruptcy Court on May 8, 2025.
Secured $12.5M multi-draw DIP financing commitment from Indaba Capital, pending court approval.
Stalking horse bid: Indaba to buy substantially all assets via $36.9M credit bid of its secured notes plus assumed liabilities.
Sale subject to Section 363 auction process with court-approved bidding procedures; competing bids solicited.
Company cautions common stock holders expect significant or complete loss on investment.

item 1.01 item 1.03 item 2.03 item 2.04 item 7.01 item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Accelerate Diagnostics, Inc faced acceleration on senior notes of 16.00% Super Priority Senior Secured PIK Notes due December 31, 2025 with U.S. Bank Trust Company, National Association at 16.00% maturing December 31, 2025.

Instrument: senior notes
Principal: 16.00% Super Priority Senior Secured PIK Notes due December 31, 2025
Counterparty: U.S. Bank Trust Company, National Association
Rate: 16.00%
Maturity: December 31, 2025
Event: acceleration

Exact text from the filing

The filing of the Bankruptcy Petitions described in Item 1.03 above constitutes an event of default that accelerated the Company’s obligations under the following debt instruments (the “ Debt Instruments ”): · Indenture, dated as of August 8, 2024, by and among the Company, as issuer, and U.S. Bank Trust Company, National Association, as Trustee, governing the 16.00% Super Priority Senior Secured PIK Notes due December 31, 2025; and · Indenture, dated as of June 9, 2023, by and among the Company, as issuer, and U.S. Bank Trust Company, National Association, as trustee and collateral agent, governing the 5.00% Senior Secured Convertible Notes due December 15, 2026.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Accelerate Diagnostics, Inc faced acceleration on convertible notes of 5.00% Senior Secured Convertible Notes due December 15, 2026 with U.S. Bank Trust Company, National Association at 5.00% maturing December 15, 2026.

Instrument: convertible notes
Principal: 5.00% Senior Secured Convertible Notes due December 15, 2026
Counterparty: U.S. Bank Trust Company, National Association
Rate: 5.00%
Maturity: December 15, 2026
Event: acceleration

Exact text from the filing

The filing of the Bankruptcy Petitions described in Item 1.03 above constitutes an event of default that accelerated the Company’s obligations under the following debt instruments (the “ Debt Instruments ”): · Indenture, dated as of August 8, 2024, by and among the Company, as issuer, and U.S. Bank Trust Company, National Association, as Trustee, governing the 16.00% Super Priority Senior Secured PIK Notes due December 31, 2025; and · Indenture, dated as of June 9, 2023, by and among the Company, as issuer, and U.S. Bank Trust Company, National Association, as trustee and collateral agent, governing the 5.00% Senior Secured Convertible Notes due December 15, 2026.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Accelerate Diagnostics, Inc entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2025-05-08).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2025-05-08

Exact text from the filing

on May 8, 2025 (the “ Petition Date ”), Accelerate Diagnostics, Inc. (the “ Company ”) and its US subsidiary, Accelerate Diagnostics Texas, LLC (collectively, with the Company, the “ Debtors ”), filed voluntary petitions for relief (the “ Bankruptcy Petitions ”) under Chapter 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware

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Source: SEC EDGAR

accession 0001104659-25-046104

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