New Chapter 11 Filing - Halt Medical Inc.

Halt Medical Inc.

  • 4/12/17 Recap: Brentwood California medical device company filed for bankruptcy because Ares Capital HALTed funding (#dadjoke). The company owns an FDA-cleared proprietary and patented product that uses radiofrequency ablation to destroy uterine fibroids. Yeah, we have no idea what that means either but the use case is bada$$: it is a minimally-intrusive alternative to hysterectomies and myomectomies. The company has lined up a $4.16mm DIP credit facility to fund the cases while it seeks an asset sale to Murray Enterprises LLC as stalking horse bidder. 
  • Jurisdiction: D. of Delaware 
  • Capital Structure: $155.6mm debt (Ares Capital Ltd., as successor to American Capital Ltd.)    
  • Company Professionals:
    • Legal: Drinker Biddle & Reath LLP (Steven Kortanek, Patrick Jackson, Joseph Argentina Jr.) & (Special corporate counsel) Cooley LLP (Robert Eisenbach)
    • Investment Banker: Canaccord Genuity Group Inc. (Geoffrey Richards)
    • Claims Agent: Donlin Recano & Co. Inc. (*click on company name above for free docket access)
    • Other Parties in Interest:
      • Buyer: Acessa AssetCo LLC (affiliate of Murray Enterprises LLC)
        • Legal: Smith Gambrell & Russell LLP (Brian Hall) & Landis Rath & Cobb LLP (Adam Landis, Kerri Muford)

Updated 4/22/17 (note: no UCC appointed)