The assets of Tucson, Ariz.-based artificial heart maker SynCardia Systems will go on the bankruptcy auction block Sept. 14, after the company won court approval of the auction despite the objections of creditors and a case trustee, the Arizona Daily Star reported on Saturday. Bankruptcy Judge Mary F. Walrath signed the order approving the auction on Friday, finding that SynCardia “articulated good and sufficient business reasons” to approve the auction. The judge did delay the process, after a committee of unsecured creditors and the U.S. Trustee in the chapter 11 case complained that the auction timetable was too short. SynCardia and its proposed buyer had proposed holding an auction Aug. 19 and a hearing to approve the winning bidder on Aug. 22, contending a quick sale was needed to keep SynCardia afloat. Judge Walrath ordered the auction to be conducted on Sept. 14 and the hearing to approve the sale to the highest bidder to be held on Sept. 16.
