IMPEL PHARMACEUTICALS INC: going-concern / distress — Impel Pharmaceuticals files Chapter 11, enters $17.5M stalking horse asset sale with JN Bidco

IMPEL PHARMACEUTICALS INC

Filed Chapter 11 on Dec 19, 2023 in N.D. Texas; will operate as debtor-in-possession while seeking court-approved sale.
Stalking horse asset purchase agreement with JN Bidco LLC for $17.5M cash plus potential contingent earn-out based on future net sales and licensing fees.
Appointed Brandon Smith (Teneo Capital) as Chief Restructuring Officer to oversee restructuring and sale process.
Reduced workforce by ~53% (39 employees) effective Dec 15, 2023; retains ~34 employees to continue operations during Chapter 11.
Credit facility under Oaktree automatically accelerated upon filing; enforcement stayed by bankruptcy proceedings.

item 1.01 item 1.03 item 2.04 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Appointed

Brandon Smith

Chief Restructuring Officer

IMPEL PHARMACEUTICALS INC

Effective: 2023-12-18
Filed: December 20, 2023, 6:59 PM ET

On December 18, 2023, the Company appointed Brandon Smith as the Company’s Chief Restructuring Officer (“CRO”).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

IMPEL PHARMACEUTICALS INC faced acceleration on credit facility with Oaktree Fund Administration, LLC.

Instrument: credit facility
Counterparty: Oaktree Fund Administration, LLC
Event: acceleration

Exact text from the filing

The commencement of the Chapter 11 Cases described in Item 1.03 above constitutes an event of default that accelerated the Company’s Credit Agreement and Guaranty, dated March 17, 2022, by and among the Company, the subsidiary guarantors from time to time party thereto, the lenders from time to time party thereto, and Oaktree Fund Administration, LLC, as administrative agent as amended, restated, supplemented or otherwise modified from time to time (together with all amendments thereto, the “Debt Instruments”).

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

IMPEL PHARMACEUTICALS INC entered chapter 11 in United States Bankruptcy Court for the Northern District of Texas (petition 2023-12-19).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Northern District of Texas
Petition: 2023-12-19

Exact text from the filing

filed voluntary petitions (the “Bankruptcy Petitions”) for relief under Chapter 11 of Title 11 of the United States Code 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”), thereby commencing Chapter 11 cases for the Company Parties (the “Chapter 11 Cases”).

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Executive change SEC 8-K Item 5.02 confidence 0.95

Brandon Smith was appointed as Chief Restructuring Officer at IMPEL PHARMACEUTICALS INC.

Action: appointed
Role: Chief Restructuring Officer

Exact text from the filing

On December 18, 2023, the Company appointed Brandon Smith as the Company’s Chief Restructuring Officer (“CRO”).

View on SEC.gov

41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-299243

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