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Olshan Counsels SynCardia Systems in Approved Chapter 11 Sale to Lender

September 19, 2016

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, has received court approval in Delaware to sell its assets to Sindex SSI Lending LLC for $19 million and $400,000 cash consideration, securing a higher price than originally offered. Fox said that Sindex SSI Lending LLC was the only bidder ahead of the planned Chapter 11 auction and that its $19 million credit bid against its prepetition lending was the highest and best offer for the company.  Michael Fox led the Olshan team that included Jonathan Koevary in the representation of SynCardia Systems.

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