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NanoString Technologies files Chapter 11 plan, disclosure statement
By Sarah Lizee
Olympia, Wash., April 16 – NanoString Technologies, Inc. filed a Chapter 11 plan and related disclosure statement Monday with the U.S. Bankruptcy Court for the District of Delaware.
The plan provides for the disposition of the company’s assets and distribution of the proceeds. The assets will largely be cash and retained causes of action. A plan administrator will be appointed to liquidate the assets.
As a reminder, the company recently received approval of bid procedures for its assets. An auction was set for Tuesday.
The company lined up a $220 million stalking horse agreement with Nucleus Buyer, LLC, an affiliate of health care investment firm Patient Square Capital, for substantially all of the assets. The purchase price would also include the assumption of liabilities.
Under the plan, all allowed administrative claims, professional fee claims, priority tax claims, U.S. trustee fee claims, debtor-in-possession facility claims, prepetition first-lien secured claims, restructuring expenses, other secured claims and priority non-tax claims will be paid or otherwise satisfied in full.
Holders of general unsecured claims will receive their pro rata share of a general unsecured claim distribution.
Holders of prepetition noteholder unsecured subordinated claims will receive the remaining general unsecured claim distribution, if any, after satisfaction in full of the allowed general unsecured claims including post-petition interest to the extent provided to holders of allowed general unsecured claims against the debtors’ estates.
Holders of other subordinated claims and allowed intercompany claims will not be entitled to any distribution.
Interests will be canceled with no distribution.
NanoString Technologies is a Seattle-based biotech company specializing in cancer diagnostic tools. The company filed bankruptcy on Feb. 4 under Chapter 11 case number 24-10160.
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