Surgalign entered into an asset purchase agreement to sell substantially all of its U.S. hardware and biomaterials assets and certain equity interests related to the hardware business outside of the U.S. to Xtant Medical for USD $5.0 million. The sale will be effectuated through the Chapter 11 proceedings initiated by the Company and certain of its subsidiaries.
As part of the chapter 11 proceedings, Surgalign also filed a motion seeking authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code pursuant to which Xtant will be designated as the stalking horse bidder. The proposed sale process also encompasses the company’s other assets that are not the subject of the Asset Purchase Agreement.
Surgalign has filed a series of motions with the Bankruptcy Court seeking to ensure the continuation of normal operations during this process. The company believes that it has sufficient liquidity to conduct its businesses in an uninterrupted manner and fund the Chapter 11 proceedings, including the sale of its assets.
Surgalign entered into an asset purchase agreement to sell substantially all of its U.S. hardware and biomaterials assets and certain equity interests related to the hardware business outside of the U.S. to Xtant Medical for USD $5.0 million. The sale will be effectuated through the Chapter 11 proceedings initiated by the Company and certain of...
Surgalign entered into an asset purchase agreement to sell substantially all of its U.S. hardware and biomaterials assets and certain equity interests related to the hardware business outside of the U.S. to Xtant Medical for USD $5.0 million. The sale will be effectuated through the Chapter 11 proceedings initiated by the Company and certain of its subsidiaries.
As part of the chapter 11 proceedings, Surgalign also filed a motion seeking authorization to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code pursuant to which Xtant will be designated as the stalking horse bidder. The proposed sale process also encompasses the company’s other assets that are not the subject of the Asset Purchase Agreement.
Surgalign has filed a series of motions with the Bankruptcy Court seeking to ensure the continuation of normal operations during this process. The company believes that it has sufficient liquidity to conduct its businesses in an uninterrupted manner and fund the Chapter 11 proceedings, including the sale of its assets.
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