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

Law360, Wilmington (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...

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