Olshan Counsels SynCardia Systems in Chapter 11 Filing
Law360 reported that Olshan client SynCardia Systems, an Arizona-based medical technology company that is the worldwide leader in the manufacture of artificial heart implants, filed for chapter 11 protection on July 1st in Delaware. SynCardia currently services the leading heart centers located around the world. SynCardia intends to run a 363 sale process and has entered into an asset purchase agreement with its prepetition first lien secured lender as the stalking horse bidder. The stalking horse bid is from an affiliate of Versa Capital and provides for $150,000 in cash and a partial credit bid of $19 million, plus amounts owing under the DIP and the assumption of certain liabilities. The court today approved all of the first day motions that should serve as the platform for a timely process. Bankruptcy partner Michael Fox led the Olshan team that included Jonathan Koevary in the representation of SynCardia Systems.