The Sale Strategy: A Bidding War or a Clean Exit?
In a twist that adds intrigue to the unfolding bankruptcy, Indaba Capital Management—already the majority holder of Accelerate’s secured notes—has emerged as the “stalking horse” bidder, laying the groundwork for the company’s asset sale.
The terms of Indaba’s offer include:
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A $36.9 million credit bid combining existing secured notes and DIP obligations
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Assumption of certain liabilities
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Exclusion of enough cash to cover the wind-down of remaining operations post-sale
But this deal is far from done. The bid, made under Section 363 of the Bankruptcy Code, sets the floor price for the company’s assets. The court-supervised sale process will open the door to competing bids, potentially igniting a bidding war among interested third parties. If other qualified bids emerge, Accelerate will conduct an auction. If not, Indaba walks away with the prize.
A Controlled Crash or a Strategic Reset?
This filing marks a sobering chapter for a company that once aimed to revolutionize infectious disease diagnostics. With pressures mounting from debt obligations and an increasingly unforgiving financial market, Accelerate’s leadership is banking on this Chapter 11 path as a way to stabilize operations and extract value from its assets.
“This move allows Accelerate to maintain business continuity while maximizing value for stakeholders through a structured and competitive sale process,” said a person close to the matter.
