PROJECT SAGE OLDCO, INC.: going-concern / distress — Sientra files Chapter 11, enters $90M DIP financing; Nasdaq delisting on Feb 22

PROJECT SAGE OLDCO, INC.

Chapter 11 petitions filed Feb 12, 2024 in Delaware; cases jointly administered.
Deerfield Partners provides $90M DIP facility: $22.5M new money + $67.5M roll-up of existing debt.
Nasdaq delisting notice received Feb 13; trading suspended Feb 22, stock to trade OTC Pink under SIENQ.
Company warns equity holders face significant or complete loss depending on Chapter 11 outcome.
Bankruptcy Court approved DIP on interim basis Feb 14; milestones and budget conditions apply.

item 1.01 item 1.03 item 2.03 item 3.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

PROJECT SAGE OLDCO, INC. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-02-12).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-02-12

Exact text from the filing

on February 12, 2024, Sientra, Inc. (the “ Company ”) and certain of its direct and indirect subsidiaries filed voluntary petitions to commence proceedings under chapter 11 (the “ Chapter 11 Cases ”) of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).

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Source: SEC EDGAR

accession 0001213900-24-014910

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