IMRIS Inc., a maker of image-guided therapy systems to assist doctors, filed a Chapter 11 petition May 25 in Delaware to sell its operating businesses to secured lender Deerfield Management Company LP or a higher bidder at auction (In re IMRIS Inc., Bankr. D. Del., 15-11133, petition filed 5/25/15).
Owed some $26.9 million at the outset, Deerfield offered $9.5 million of debt in lieu of cash plus the assumption of specified liabilities to kick off bidding for the assets.
From the so-called credit bid, $2.5 million would be for the company’s robotics business, with the remaining $7 ...
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