Sientra (SIEN) has released an update.
Sientra, Inc. and its subsidiaries have voluntarily filed for Chapter 11 bankruptcy, aiming to restructure their debts while continuing to operate as “debtors in possession.” They’ve sought court approval for customary relief measures to maintain business operations, including employee wages and vendor payments. Additionally, Sientra has proposed a debtor-in-possession financing arrangement with lenders, seeking a credit facility of $90 million to support working capital, cover bankruptcy-related expenses, and potentially facilitate the sale of company assets. Trading in Sientra’s securities is now considered highly speculative, with a warning that equity holders could face significant losses.
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