Accelerate Diagnostics Initiates Chapter 11 Restructuring Proceeding

(RTTNews) - Accelerate Diagnostics (AXDX) said it has voluntarily initiated a Chapter 11 restructuring proceeding in the United States Bankruptcy Court for the District of Delaware and will seek to sell assets through a court supervised sale process. Prior to the Chapter 11 filing, and subject to Bankruptcy Court approval, the company agreed to terms with ndaba Capital Management, a majority holder of the company's prepetition secured notes, to acquire substantially all the assets of the company.

To provide necessary funding during the Chapter 11 proceeding, Accelerate has received a commitment of up to $12.5 million in a multi-draw DIP financing facility.

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