February 22, 2018 3:24 PM ET

Healthcare Equipment and Supplies

Company Overview of Palmaz Scientific Inc.

Company Overview

Palmaz Scientific Inc. engages in the research, development, and commercialization of advanced metallurgical surface nanotechnologies for the manufacture of implantable medical devices with design and biocompatibility that outperform alternative treatments and products in applications, including neurology and orthopedics. Its discoveries include biometals, thin film metals, and topographical patterns. The company was founded in 2008 and is based in Dallas, Texas.

2828 North Harwood

Suite 1700

Dallas, TX 75201

United States

Founded in 2008

Phone:

214-520-9292

Fax:

214-520-9293

Key Executives for Palmaz Scientific Inc.

Chief Executive Officer and President
Age: 53
Chief Financial Officer
Age: 65
Chairman and Chief Scientist
Compensation as of Fiscal Year 2017.

Palmaz Scientific Inc. Key Developments

Second Amended Reorganization Plan Approved for Palmaz Scientific Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of Palmaz Scientific Inc. on July 15, 2016. The debtor has filed its second amended modified plan in the Court on July 14, 2016. As per the amended plan, Administrative Expense Claims of $1.75 million, U.S. Trustee's Claim, Professional fees claims, Assumed Secured Claims of $10.48 million and General Unsecured Claims of $10.4 million will be paid in full in cash. Equity Interests of the debtor will be cancelled and will receive any distribution. The plan will be funded through cash in hand and sale proceeds of $22.6 million.

Motion for Asset Sale Approved for Palmaz Scientific Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Vactronix Scientific, Inc. on July 14, 2016. The debtor has been authorized to sell substantially all its assets to Vactronix Scientific, Inc., the stalking horse bidder for a purchase price of $22.60 million. The debtor did not receive any other competing bids for the purchase of its assets and therefore Vactronix Scientific emerged as the winning bidder.

Final DIP Financing Approved for Palmaz Scientific Inc.

The US Bankruptcy Court authorized Palmaz Scientific Inc. to obtain DIP financing on a final basis on July 8, 2016. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $1.6 million from Vactronix Scientific, Inc. The DIP loan would carry an interest rate of 10% p.a., along with an additional 4% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries an origination fee of $0.04 million. The DIP facility would mature either on the later of 120 days after the first advance under the DIP facility and 60 days after a disclosure statement has been approved, or date of closing and funding of a sale of all or substantially all of debtor's assets, or effective date of any confirmed Chapter 11 plan, or date on which all amounts under the DIP facility shall become due and payable, or date the debtor pays the DIP lender all amounts under the DIP facility, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of DIP facility shall be used to fund post-petition operating expenses, expenses incurred for DIP facility, fund carve-out and other expenses of the case. The Court had granted the debtor an interim approval to access $0.53 million as DIP financing on March 14, 2016.

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