On Aug 2, 2019, NovaSom Inc sought relief from its creditors under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. NovaSom is a provider of home sleep apnea testing, utilizing its AccuSom home sleep test.
On that same date, NovaSom filed with the Bankruptcy Court various pleadings, including a motion to sell substantially all of the assets of NovaSom to VirtuOx Inc, subject to higher and better bids, under a court-supervised process designed to, among other things, maintain the operations of NovaSom and transfer them to an approved purchaser, free and clear of all liens, claims, and encumbrances.
At a hearing on Aug 8, the Bankruptcy Court entered numerous orders authorizing NovaSom to continue its operations, fund its payroll and other working capital needs, and thereby preserve and maintain its business, customer relationships, and goodwill, with an anticipated sale date by September 27, 2019.
If VirtuOx is selected as the highest and best bidder and its purchase contract is approved by the Bankruptcy Court, it is the intention of VirtuOx to…