---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-169695"
form_type: "8-K"
ticker: null
cik: "0001760173"
company_name: "SURGALIGN HOLDINGS, INC."
filed_at: "2023-06-20T23:59:59+00:00"
generated_at: "2026-06-13T21:32:26.381028+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Surgalign files Chapter 11, agrees to sell assets to Xtant for $5M cash

## Summary
- Filed Chapter 11 in Southern District of Texas on June 19, 2023; seeks sale of assets under section 363.
- Entered Asset Purchase Agreement with Xtant Medical Holdings for $5M cash; Xtant is stalking horse bidder.
- Debt instruments with $10.2M aggregate principal (Dearborn and Neva) triggered default; enforcement stayed.
- Company warns common stock could experience significant or complete loss depending on Chapter 11 outcome.
- Filed first-day motions to ensure normal operations; believes sufficient liquidity to fund proceedings.

## SEC filing metadata
- accession: 0001193125-23-169695
- form_type: 8-K
- cik: 0001760173
- company_name: SURGALIGN HOLDINGS, INC.
- filed_at: 2023-06-20T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 1.03, 2.04, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/0001193125-23-169695-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/d713202d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-169695
- JSON: https://secwatch.observer/filing/0001193125-23-169695.json
- Plain text: https://secwatch.observer/filing/0001193125-23-169695.txt

## Key facts
- Debt Financings
  SURGALIGN HOLDINGS, INC. faced acceleration on loan of $5,122,000 with Dearborn Capital Management, LLC.
  - Instrument: loan
  - Principal: $5,122,000
  - Counterparty: Dearborn Capital Management, LLC
  - Event: acceleration
  source text: The filing of the Chapter 11 Cases constitutes an event of default under the following instruments (the "Debt Instruments"): • Seller Note Agreement, dated as of December 30, 2021, by and between the Company and Dearborn Capital Management, LLC, of which $5,122,000 in aggregate principal amount remains outstanding.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/0001193125-23-169695-index.htm
- Debt Financings
  SURGALIGN HOLDINGS, INC. faced acceleration on loan of $5,122,000 with Neva, LLC.
  - Instrument: loan
  - Principal: $5,122,000
  - Counterparty: Neva, LLC
  - Event: acceleration
  source text: Seller Note Agreement, dated as of December 30, 2021, by and between the Company and Neva, LLC, of which $5,122,000 in aggregate principal amount remains outstanding.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/0001193125-23-169695-index.htm
- Distress & Bankruptcy
  SURGALIGN HOLDINGS, INC. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-06-19).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the Southern District of Texas
  - Petition: 2023-06-19
  source text: On June 19, 2023 (the “Petition Date”), Surgalign Holdings, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”), commenced voluntary proceedings under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/0001193125-23-169695-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.