Case filing & court posture: Biolase, Inc. and three affiliates filed voluntary chapter 11 petitions on October 1, 2024 in the District of Delaware before Judge Karen B. Owens. Dkt. 1 Biolase is a global leader in dental laser systems, employing 121 people, with an accumulated deficit of $316.8 million. Dkt. 19
Financing path: The debtors obtained a $5 million DIP facility from prepetition lender SWK Funding, LLC (including a $2.5 million rollup of prepetition obligations), against approximately $16.2 million in outstanding prepetition term loan debt. Dkt. 17
Sale process: The Court approved bidding procedures for the sale of substantially all assets, Dkt. 115 and on November 15, 2024 approved the sale to MegaGen Implant Co., Ltd. free and clear of all liens, claims, and encumbrances. Dkt. 225
Liquidation plan confirmation: The debtors filed a combined joint chapter 11 plan of liquidation and disclosure statement, which was confirmed on February 25, 2025, with Class 1 voting 100% in favor and Class 3 voting 90.81% by dollar amount in favor.
