Sidley Advises Accelerate Diagnostics in Successful Restructuring

Sidley represented Accelerate Diagnostics, Inc., an innovative diagnostic testing company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis, in the out of court restructuring of its US$92 million in funded debt.

Sidley initially negotiated an agreement with the Company’s senior secured creditor and prepared the Company for a Chapter 11 filing. Sidley then successfully negotiated a global restructuring support agreement providing for the out of court conversion of certain secured debt to equity, exchange of existing notes to extend maturity 3.5 years, issuance of new notes, and commitment of US$24 million in new money to fund operations during a key period of new product development.

The team was led by Restructuring partners Tom Califano (New York) and Bill Curtin (New York), with Corporate partners Michael Gordon (Miami), Istvan Hajdu (New York), Kristen Smith (Dallas), Litigation partners Robert Velevis (Dallas), Penny Reid (Dallas), Tax partner Suresh Advani (Chicago), and Capital Markets senior counsel Robert Mandell (New York).

The team also included Jackson Garvey (senior managing associate, Restructuring), Andres Barajas (managing associate, Restructuring), Julia Philips Roth (managing associate, Restructuring), Nate Elner (associate, Restructuring), Mustafa Abdul-Jabbar (senior managing associate, Litigation), Anika Hermann Bargfrede (senior managing associate, Corporate), Katarzyna Robak (managing associate, Corporate), Dzenela Becic (associate, Corporate), and Benjamin Kelton (associate, Litigation).