Benchmark comments on Biolase (BIOL) following chapter 11 filing

Benchmark analyst Bruce D. Jackson weighed in on Biolase (NASDAQ: BIOL) after the company announced Chapter 11 filing.

The analyst commented: "Last night BIOLASE announced it would begin voluntary Chapter 11 bankruptcy proceedings and will seek court approval to remain open for business to complete the sale of its assets to a proposed stalking horse, Sonendo (SONX:$0.05, NR). Sonendo is offering to pay $14 million in cash for substantially all of BIOLASE’s assets under court supervision in order to create a minimum price for the sale process and potentially attract other bidders. BIOLASE is seeking approval of at least $2.5 million in debtor-in-possession financing, with up to $1.43 million available upon the satisfaction of certain conditions. Our estimates and rating are under review."

For an analyst ratings summary and ratings history on Biolase click here. For more ratings news on Biolase click here.

Shares of Biolase closed at $0.13 yesterday.

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