PROJECT SAGE OLDCO, INC.: going-concern / distress — Sientra (now Project Sage) Chapter 11 plan confirmed; common stock canceled with no value

PROJECT SAGE OLDCO, INC.

Bankruptcy Court confirmed Second Amended Combined Plan on June 18, 2024, enabling wind-down after asset sales.
All outstanding common stock canceled, extinguished, and deemed worthless on the Effective Date.
Total assets ~$81.5M, total liabilities ~$123.7M as of April 30, 2024; equity holders receive no distribution.
Board dissolved and officers dismissed upon plan effective date; company to deregister stock via Form 15.
Plan reserves $525,000 for General Unsecured Claims Cash Pool after earlier sales to Tiger and Nuance.

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

As previously disclosed, on February 12, 2024, Project Sage Oldco, Inc. (formerly known as Sientra, Inc). (“ Project Sage ”) and certain of its direct and indirect subsidiaries (together with Project Sage, the “ Company ”) filed voluntary petitions to commence proceedings under chapter 11 of title 11 of the United States Code (the “ Chapter 11 Cases ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”). The Chapter 11 Cases are being jointly administered under the caption In re Project Sage M Holdings Oldco, Inc. et al. , Case No. 24-10245.

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Source: SEC EDGAR

accession 0001213900-24-055790

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