The Road to Bankruptcy: Crippling Debt and Missed Expectations
Despite its ambitions, Azzur’s cleanroom gamble failed to pay off. By 2023, the company had violated portions of its secured loan agreements, triggering a forbearance agreement that forced Azzur to either secure new investment or sell off assets.
In January, Azzur sold off its lab division for $16 million, using the proceeds to pay down secured debt. But with financial pressures mounting, the company opted to file for bankruptcy to restructure its remaining assets—its consulting arm and cleanrooms-on-demand business.
Auction on the Horizon: Eliquent Sets the Floor
Azzur plans to auction off its assets in early April, with Eliquent Life Sciences stepping in as a stalking horse bidder with a $56 million offer for Azzur’s consulting business. This bid will establish the minimum price for the Chapter 11 auction.
“We believe that Eliquent is the right partner for our consulting business to continue delivering tangible results for clients and provide a runway for success for years to come,” said Azzur Group CEO Michael Khavinson.
