Sientra, Inc. (now Project Sage Oldco, Inc.) was a publicly traded medical aesthetics company (NASDAQ: SIEN) focused on FDA-approved silicone gel breast implants, tissue expanders, and scar treatment products, with manufacturing operations in Franklin, Wisconsin. The company filed for Chapter 11 protection on February 12, 2024 in the District of Delaware (Case No. 24-10245) before Judge John T. Dorsey, becoming the second breast implant manufacturer to seek bankruptcy protection in under a year. The filing was driven by an industry downturn in breast augmentation during 2023, accumulated operating losses, sales-force attrition, and a covenant breach under its approximately $73 million prepetition first lien term loan with Deerfield Partners, LP. At filing, total debt was approximately $82 million including $9 million in trade payables. Deerfield provided a $90 million DIP facility comprising $22.5 million in new money and a $67.5 million roll-up of prepetition obligations at SOFR + 7.0%. The business was sold via 363 auction in two transactions totaling approximately $50.5 million: Tiger Aesthetics Medical, LLC acquired the breast implant business for $42.5 million (including $22.5 million deferred over 27 months), while Nuance Intermediary, LLC purchased the Biocorneum scar treatment line for $8 million. The Second Amended Combined Plan and Disclosure Statement was confirmed on June 18, 2024, with all impaired classes voting to accept. Bob Butler of Berkeley Research Group was appointed Plan Administrator, with the effective date occurring June 28, 2024. As of late 2025, the Plan Administrator has filed a motion for final decree and case closure.