---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-299243"
form_type: "8-K"
ticker: null
cik: "0001445499"
company_name: "IMPEL PHARMACEUTICALS INC"
filed_at: "2023-12-20T23:59:59+00:00"
generated_at: "2026-06-07T09:47:04.134373+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Impel Pharmaceuticals files Chapter 11, enters $17.5M stalking horse asset sale with JN Bidco

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-299243
- form_type: 8-K
- cik: 0001445499
- company_name: IMPEL PHARMACEUTICALS INC
- filed_at: 2023-12-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 1.03, 2.04, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1445499/000119312523299243/0001193125-23-299243-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1445499/000119312523299243/d676211d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-299243
- JSON: https://secwatch.observer/filing/0001193125-23-299243.json
- Plain text: https://secwatch.observer/filing/0001193125-23-299243.txt

## Key facts
- Debt Financings
  IMPEL PHARMACEUTICALS INC faced acceleration on credit facility with Oaktree Fund Administration, LLC.
  - Instrument: credit facility
  - Counterparty: Oaktree Fund Administration, LLC
  - Event: acceleration
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1445499/000119312523299243/0001193125-23-299243-index.htm
- Distress & Bankruptcy
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1445499/000119312523299243/0001193125-23-299243-index.htm
- Executive change
  Brandon Smith was appointed as Chief Restructuring Officer at IMPEL PHARMACEUTICALS INC.
  - Action: appointed
  - Role: Chief Restructuring Officer
  source text: On December 18, 2023, the Company appointed Brandon Smith as the Company’s Chief Restructuring Officer (“CRO”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1445499/000119312523299243/0001193125-23-299243-index.htm

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