In a dramatic turn of events, Cutera Inc., a leading player in the beauty and medical aesthetics industry, has filed for Chapter 11 bankruptcy protection in a Texas court. The California-based company, saddled with a staggering $429 million in debt, unveiled a prepackaged plan to shed nearly $400 million and transition into a private entity.
The filing, made Wednesday, signals a bold attempt to resurrect the company from financial turmoil, with 74% of its senior noteholders backing the restructuring strategy. Cutera anticipates emerging from bankruptcy within 60 days, an ambitious timeline that could redefine its future in the fiercely competitive beauty tech market.
Lifeline Amid Crisis: $35M Financing Secured
In a crucial move to stay afloat, a group of noteholders has agreed to provide $35 million in Chapter 11 financing. According to court filings, this funding will seamlessly convert into term loans once Cutera successfully exits bankruptcy. The injection of capital serves as a vital bridge, keeping operations steady as the company navigates its financial reset.
