---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-012888"
form_type: "8-K"
ticker: null
cik: "0001551693"
company_name: "PROJECT SAGE OLDCO, INC."
filed_at: "2024-02-13T23:59:59+00:00"
generated_at: "2026-06-06T03:22:43.508826+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Sientra files for Chapter 11, secures $22.5M DIP financing to pursue sale of business

## Summary
- Filed Chapter 11 on Feb 12, 2024 in Delaware; intends to sell business under Section 363 of Bankruptcy Code.
- Secured $22.5M new money DIP financing plus $67.5M roll-up of prepetition debt from existing lenders Deerfield.
- Prepetition first-lien term loan outstanding ~$71.78M accelerated by filing; creditors' rights stayed.
- Expedited sale Milestones: asset sale within 60 days, Chapter 11 plan effective within 90 days of petition.
- Company cautions equity holders could experience significant or complete loss depending on restructuring outcome.

## SEC filing metadata
- accession: 0001213900-24-012888
- form_type: 8-K
- cik: 0001551693
- company_name: PROJECT SAGE OLDCO, INC.
- filed_at: 2024-02-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.03, 2.04, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1551693/000121390024012888/0001213900-24-012888-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1551693/000121390024012888/ea193549-8k_sientrainc.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-012888
- JSON: https://secwatch.observer/filing/0001213900-24-012888.json
- Plain text: https://secwatch.observer/filing/0001213900-24-012888.txt

## Key facts
- Debt Financings
  PROJECT SAGE OLDCO, INC. faced acceleration on term loan of approximately $71,780,000 outstanding borrowings.
  - Instrument: term loan
  - Principal: approximately $71,780,000 outstanding borrowings
  - Event: acceleration
  source text: and the agent (at the direction of the lenders party thereto) (the “ Prepetition First Lien Term Loan Agreement ”). As of the Petition Date, the Company had approximately $71,780,000 outstanding borrowings under the Prepetition First Lien Loan Agreement. The Prepetition First Lien Term Loan Agreement provides that, as a result of the Chapter 11 Cases, the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1551693/000121390024012888/0001213900-24-012888-index.htm

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