Accelerate Diagnostics, Inc.

Accelerate Diagnostics, Inc. and affiliate Accelerate Diagnostics Texas, LLC filed Chapter 11 in Delaware on May 8 with the parent already balance-sheet insolvent. The petition listed total assets of about $28.6 million against roughly $84.6 million of debt as of December 31, 2024, checked the $50 million to $100 million liabilities range, and stated that no funds would be available for unsecured creditors after administrative expenses. The debtor is a Tucson-based in vitro diagnostics company focused on rapid infection testing and disclosed major holders including Jack Schuler, Indaba affiliates, and Armistice affiliates source filing source filing.

The filing was pitched from day one as a sale case, not an operating reorganization. Management said the company had marketed itself to more than 18 potential bidders prepetition, was carrying about $90.2 million of prepetition debt, and needed immediate financing to preserve payroll, vendors, manufacturing, and value in its Pheno, Arc, and WAVE platforms while it sold substantially all assets. The debtors paired that strategy with a proposed $12.5 million new-money DIP and an Indaba stalking-horse credit bid of about $36.9 million plus assumed liabilities, on a timetable targeting a sale within 90 days and a follow-on liquidating plan source filing source filing source filing.