BOSTON–(BUSINESS WIRE)–Cambridge Endoscopic Devices, Inc. (CED) filed a petition for relief under Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy Court for the District of Massachusetts. As described in the Notice of (A) Intended Sale of Substantially All Assets Free and Clear of Liens, Claims and Interests, (B) Deadlines and Procedures for Submitting Offers and Objections, and (C) Hearing Date filed with the Bankruptcy Court on September 25, 2015 (the “Sale Notice”), CED proposes to sell substantially all of its assets, including without limitation, (i) tangible property (including machinery and tooling, fixtures, research equipment, inventory), (ii) intellectual property, consisting chiefly of patents and patent applications, and (iii) regulatory clearances ( the “Assets”), to White Sand Beach LLC (“WSB”), as agent for CED’s secured creditors, or to such other entity that submits the highest and otherwise best offer to acquired the Assets..
The Proposed Sale is made pursuant to an Asset Purchase Agreement (the “APA”) between the Company and WSB, for a purchase price of $3,100,000. Pursuant to Section 363 (f) of the Bankruptcy Code, the Assets will be sold free and clear of liens, claims and encumbrances as set forth in the APA. A more detailed description of the Assets and the terms and conditions of the proposed sale is contained in the APA. Competing offers must comply with the procedures set forth in the Sale Notice. Competing bids for the Assets must be submitted by November 19, 2015 by 5:00pm EST.
Any party that is interested in submitting a bid to purchase the Assets or any substantial portion thereof should contact John Schulte, in order to obtain additional information about the Assets and to arrange for execution and delivery to CED of a confidentiality agreement pursuant to which such additional will be provided. To obtain a copy of the Sale Notice or APA please contact CED’s counsel, Michael Goldberg of Casner & Edwards, LLP, (617) 426-5900, goldberg@casneredwards.com.
Cambridge Endoscopic Devices, Inc. has developed and marketed a line of disposable, hand held laparoscopic devices that have full 7 degrees of freedom tip articulation. More than 30 issued patents and additional applications cover this technology for laparoscopic applications as well as other markets. A complete due diligence package is available to prospective bidders.
