Tucson, Ariz.-based artificial heart maker SynCardia Systems will seek final approval of a bankruptcy sale of its assets to a proposed buyer on Friday, after no competing bids emerged, the Arizona Daily Star reported today. Approval of the asset sale would pave the way for SynCardia’s emergence from chapter 11 reorganization. SynCardia filed for chapter 11 on July 1 in Delaware, proposing to sell all of its assets to its senior secured creditor in an effort to save the company. Sindex SSI Lending LLC, an affiliate of Philadelphia-based Versa Capital, purchased about $22 million worth of SynCardia’s senior debt at a steep discount in June. Sindex bid $19 million of that debt in a credit bid for SynCardia, plus $150,000 in cash, to buy the company. U.S. Bankruptcy Judge Mary F. Walrath will now consider final approval of the sale to Sindex on Friday.
