New Delaware Chapter 11 Filing – Dextera Surgical Inc.

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Dextera Surgical Inc. (NASDAQ: DXTR), a designer and manufacturer of surgical devices based in Redwood City, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-12913).  The Petition estimates that Dextera has $10 – $50 million in both assets and liabilities.  According to the First Day Declaration, Dextera enters Chapter 11 having carried out a prepetition marketing process and will pursue a 363 sale, with Aesculap, Inc. as the Stalking Horse Purchaser.  Dextera also seeks approval to borrow up to $1.5 million in DIP Financing from Aesculap, Inc.  Rust/Omni is the proposed claims and noticing agent.  The case has been assigned to the Honorable Kevin J. Carey.

Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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