News | Imaging | August 14, 2015

IMRIS Inc. Announces Going Concern Sale

Company reaches agreement with Deerfield Management Company L.P. to purchase imaging and service businesses and robotics intellectual property

IMRIS, going concern sale, Deerfield Management Company L.P., imaging and service, robotics intellectual property

August 14, 2015 — IMRIS Inc. announced in late July that investment funds managed by Deerfield Management Company L.P. (“Deerfield”) were the prevailing parties in the recently completed sale process for the company’s assets. Deerfield is a healthcare-focused investment firm that manages over $6 billion in assets, and has been the company’s lender, both prior to and following the commencement of the company’s chapter 11 proceedings.

Jay D. Miller, IMRIS president and CEO, noted that Deerfield’s emergence as the prevailing bidder came as the result of a comprehensive sales process that included a large number of both strategic and financial parties.

According to Miller, the acquisition includes IMRIS’s imaging and service operating businesses in China, Germany and Japan, as well as the robotics intellectual property.

A hearing to approve the sale to Deerfield was scheduled before the United States Bankruptcy Court for the District of Delaware on August 12, with the transaction anticipated to close shortly thereafter.

For more information: www.imris.com

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