Sientra to pursue sale of business through voluntary Chapter 11 process

Sientra filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware on February 12, 2024. The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, while continuing to support its customers during the Chapter 11 process. The Company seeks to execute an expedited sale process. Sientra will utilize existing cash reserves and $22.5 million in new money debtor-in-possession financing from existing lenders to facilitate the sale and support ongoing Company operations. The debtor-in-possession financing will also include a “roll up” of $67.5 million of Sientra’s prepetition debt obligations. The Company will continue to operate its business during this process.