Reorg Credit Intelligence – 8/9/2021
SVXR Seeks to Sell Assets With Bruker Nano as $11.9M Stalking Horse;
Noteholders Do Not Consent to Proposed $2M DIP Financing
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SVXR, a San Jose, Calif.-based developer and manufacturer of high-resolution, automated x-ray inspection and metrology equipment for the semiconductor and advanced-electronics markets, filed for chapter 11 protection on Wednesday, Aug. 4, in the Bankruptcy Court for the Northern District of California. “Like many early-stage, hyper-specialized, and research-intensive companies,” SVXR acting CEO Daniel Trepanier says in the first day declaration, “the Debtor has never been a positive cash-flow enterprise.” As a result of operating losses, a lack of liquidity and defaults under its secured note obligations, the debtor has been “steadfastly” in pursuit of a sale of substantially all of its assets. To read our First Day team’s full case summary of the SVXR chapter 11 filing click through here.
Contact: Matt Danese
mdanese@reorg.com
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