Sientra, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on February 13, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to successful bidder. To qualify as a qualified bidder, interested parties should submit their bids by March 18, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The debtor has scheduled an auction on March 28, 2024. At the auction, the subsequent bids would be in increments of $0.25 million.

The stalking horse bidder would be entitled to a break-up fee of 3% and expense reimbursement of $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for April 5, 2024.