Accelerate Diagnostics Files for Chapter 11 Protection and Agrees to Terms to Sell Substantially All Assets

Core Viewpoint - Accelerate Diagnostics, Inc. has voluntarily initiated a Chapter 11 restructuring proceeding and will seek to sell its assets through a court-supervised sale process [1]. Group 1: Chapter 11 Filing - The company has filed various "first day" motions with the Bankruptcy Court to ensure a smooth transition into Chapter 11, including requests for debtor-in-possession (DIP) financing and the ability to pay employee wages and benefits [2]. Group 2: DIP Financing - Accelerate has secured a commitment of up to $12.5 million in a multi-draw DIP financing facility to provide necessary funding during the Chapter 11 proceeding, which is expected to ensure liquidity for normal operations and obligations to employees, vendors, and customers [3]. Group 3: Sale Process - Prior to the Chapter 11 filing, the company agreed to terms with Indaba Capital Management to acquire substantially all of its assets, with a "stalking horse" bid that includes a credit bid of $36.9 million of Indaba's existing secured notes and DIP financing facility [4]. - The sale process will comply with Bankruptcy Code Section 363 and will allow for the submission of higher or better offers, with an auction to be conducted if additional qualified bids are received [4]. - The company will manage the bidding process in consultation with its advisors and under the oversight of the Bankruptcy Court [4]. Group 4: Legal and Financial Advisory - Accelerate is represented by Fried, Frank, Harris, Shriver & Jacobson LLP as legal counsel, Solic Capital as financial advisor, and Perella Weinberg Partners L.P. as restructuring investment banker [5].