NanoString Technologies, Inc. and its affiliated debtors operate under a confirmed and effective Chapter 11 plan, with the United States Bankruptcy Court for the District of Delaware (Judge Craig T. Goldblatt) having entered confirmation on June 18, 2024 and the plan becoming effective on June 26, 2024 — roughly four and a half months after the February 4, 2024 petition. The case has run the full restructuring cycle in compressed fashion: first-day relief, a combined DIP and cash-collateral package, a solicited plan, confirmation, and effectiveness, leaving post-effective-date plan administration as the remaining work.
The Seattle-based spatial biology company filed after compounding pressure from a patent infringement litigation campaign by competitor 10x Genomics — including a damages verdict and injunction risk — layered onto sustained operating losses and liquidity strain. First Day Declaration of R. Bradley GrayDkt. 26 At filing, NanoString carried approximately $281.6 million in prepetition debt: $217.3 million of 6.95% Senior Secured Notes due 2026 (first lien on substantially all assets, U.S. Bank Trust Company as agent), $14.3 million of 2.625% Convertible Senior Notes due 2025, and roughly $50 million in other unsecured litigation and trade claims. The Chapter 11 petitions were filed by NanoString Technologies, Inc. together with its international affiliates. Voluntary PetitionDkt. 1
To stabilize liquidity, the debtors moved immediately for combined DIP financing and cash-collateral use, securing an interim order within two days of the petition and a final order on March 20, 2024. The final package authorized up to $47.5 million of new-money DIP term-loan borrowing, a $95 million roll-up facility, and consensual use of cash collateral within a $142.5 million overall commitment structure, backed by senior priming liens and superpriority administrative expense claims. The confirmed plan made indefeasible payment in full of all DIP obligations a condition to effectiveness, and the DIP facility is now reported paid in full following the June 26, 2024 effective date.
On the plan track, the debtors filed their Chapter 11 plan on April 15, 2024, followed by a solicitation-version plan and disclosure statement in late May, a plan supplement in early June with amended exhibits shortly after, and a ballot certification on June 14, 2024. Chapter 11 Plan of ReorganizationDkt. 448 Plan SupplementDkt. 629 The confirmation order — entered June 18, 2024 — approved the plan across seven classes together with releases, exculpation, and cramdown findings, and the debtors filed their notice of confirmation and effective date eight days later, fixing deadlines for professional fee, administrative, and rejection claims under the plan. With the plan effective and the DIP obligations satisfied, the case is now in post-effective-date administration.
