SynCardia's $19M Ch. 11 Sale To Lender Approved

By Vince Sullivan (September 16, 2016, 5:49 PM EDT) -- Bankrupt artificial heart maker SynCardia Inc. received court approval Friday to sell its assets to a prepetition lender that provided the only offer for the company with a credit bid of $19 million and some cash payments.

During a hearing in Wilmington, SynCardia attorney Michael Fox of Olshan Frome Wolosky LLP said that Sindex SSI Lending LLC was the only bidder ahead of a planned Chapter 11 auction this week and that its $19 million credit bid against its prepetition lending was the highest and best offer for the company.

Fox proffered testimony from SynCardia's financial adviser Geoffrey Richards, who said...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!