JMP Securities LLC — Chapter 11 Bankruptcy Cases

12/11/17 Recap: Publicly-traded ($DXTR) California based med-device company that designs and and manufactures proprietary stapling devices that enable the advancement of minimally invasive surgical procedures has filed for bankruptcy to effectuate a sale. Why bankruptcy? Per the company's pleadings, "Dextera invested in obtaining regulatory clearances and product development, evaluation, and manufacturing, but experienced interruptions in the ability to produce both staplers and staple reload cartridges to meet customer demand. It also incurred substantial operating losses that significantly impacted liquidity, ultimately leading to the need to file the Chapter 11 Case." The company has lined up a stalking horse purchaser (Aesculap Inc.) who also happens to be the provider of $1.5mm in DIP financing to effectuate the case. The purchase price is reported to be approximately $17.3mm.
Jurisdiction: D. of Delaware (Judge Carey)
Capital Structure: $4mm 5% secured note
Company Professionals:
- Legal: Saul Ewing Arnstein & Lehr LLP (Mark Minuti, Teresa Currier, Monique DiSabatino)
- Special Legal: Cooley LLP (Robert Eisenbach)
- Financial Advisor: JMP Securities LLC
- Claims Agent: Rust Consulting/Omni Bankruptcy (*click on company name above for free docket access)
Other Parties in Interest:
- DIP Lender/Stalking Horse Bidder: Aesculap Inc.
  - Legal: Stevens & Lee PC (Joseph Huston Jr., Robert Lapowsky)

Updated 12/13/17