SynCardia Systems, Inc. has filed a chapter 11 petition before the United States Bankruptcy Court for the District of Delaware (Case No. 06-11599). The debtor is the manufacturer of an FDA-approved Total Artificial Heart. The company has entered into a stalking horse asset purchase agreement and filed a motion to sell substantially all of its assets to its first lien lender, which has also agreed to provide debtor-in-possession financing. The petition (including the list of top 30 creditors), the first day declaration and the docket are available through Omni Management.
Contact Norman L. Pernick or Nicholas J. Brannick for more information.