SIEN - Sientra Announces Completion and Winning Bidders of its Section 363 Sales Auction | Benzinga
Tiger Aesthetics Medical, LLC is the successful bidder for certain assets used in Sientra's breast reconstruction and augmentation business
Nuance Intermediary, LLC is the successful bidder for substantially all of the assets used in Sientra's BIOCORNEUM scar treatment business
IRVINE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- Sientra, Inc. ("Sientra" or the "Company") announced that, following the completion of its Section 363 sales auction, Tiger Aesthetics Medical, LLC ("Tiger") has been declared the successful bidder for certain of the assets of Sientra used in its breast reconstruction and augmentation business. As consideration for the acquisition, Tiger will pay a cash consideration of $42.5 million as well as assume certain liabilities of the Company, including up to $7 million in cure costs for certain assumed contracts, all the Company's warranties for breast implants sold prior to the closing date, and all of the Company's customer contracts.
Sientra also announced that it has entered into a definitive agreement with Nuance Intermediary, LLC ("Nuance"), pursuant to which Nuance will acquire substantially all the assets of Sientra used in its BIOCORNEUM business. As consideration for the acquisition, Nuance will pay a cash consideration of $8 million as well as assume certain liabilities of the Company, including cure costs for certain assumed contracts.
Both transactions are subject to the approval of the United States Bankruptcy Court for the District of Delaware at a hearing currently scheduled for April 10, 2024, and other customary closing conditions. All breast implant warranties under Sientra's current warranty programs will be honored through closing.
Sientra announced its intent to pursue an expedited sale of its business under Section 363 of the Bankruptcy Code following filing for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware on February 12, 2024.
Sientra is represented by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones as legal counsel, Stifel / Miller Buckfire as investment banker, and Berkeley Research Group, LLC as financial advisor. Court filings and information about Sientra's Chapter 11 case can be found at a website maintained by the claims agent Epiq Corporate Restructuring, LLC at https://dm.epiq11.com/Sientra.
Tiger Aesthetics Medical, LLC is represented by Blank Rome LLP as legal counsel and H.C. Wainwright & Co. as investment banker. Tiger Aesthetics Medical is a wholly owned subsidiary of Tiger Biosciences. Tiger Biosciences acts as a parent company to a distinguished and growing portfolio of medical science and innovation companies, including wound care, regenerative medicine, and aesthetic subsidiaries.
Nuance Intermediary, LLC, an investment of Nuance Holdings LLC, as well as the owner of Nuance Medical, is represented ...