New Chapter 11 Filing – Fast radius inc.
On November 7, 2022, cloud manufacturing and digital supply chain company Fast Radius, Inc. of Chicago, IL filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11051). The company reports $69.3 million in assets and $55.2 million in liabilities. According to the declaration filed in support of the petition and first day pleadings, the Debtors expect their prepetition lenders to consent to the use of cash collateral to fund the case and pursue a sale process, noting that the proposed form of cash collateral order is in “substantially final” form. The Debtors sought to obtain debtor-in-possession financing as part of their prepetition marketing process, but currently have no present offers for post-petition funding. The debtors’ bid procedures motion seeks approval of an expedited sale process culminating in a December 12, 2022 closing without a stalking horse, although their proposed procedures allow for the selection of one.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
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