CUTR News & Events

Cutera announced that the Company has successfully completed its financial restructuring process and emerged from Chapter 11. Cutera emerges with a significantly stronger balance sheet, well positioned to drive innovation and growth. Through this process, Cutera has reduced its debt by nearly $400M, or over 90%, and raised $65M in new money financing from its existing lenders. In connection with emergence, Cutera will operate as a private company, backed by a consortium of leading investment firms. Cutera is advised in this matter by Ropes & Gray LLP and Hunton Andrews Kurth LLP as legal counsel, Houlihan Lokey as investment banker, and FTI Consulting as financial advisor. The group of the Company's lenders is advised in this matter by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Centerview Partners as investment banker.

Cutera announced that it has formally notified Nasdaq of its intent to voluntarily delist its common stock from the Nasdaq. Cutera expects to file a Form 25 with the SEC relating to the voluntary delisting of its common stock on or about March 20. The company expects the delisting of the common stock to be effective on or about March 30. Following such delisting, the company intends to file a Form 15 with the SEC to indefinitely suspend the company's reporting obligations under the Securities Exchange Act of 1934, as amended. The suspension of the company's reporting obligations, including the obligation to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, will be effective upon filing the Form 15.

Cutera announced that it is initiating a restructuring transaction with the support of a group of existing lenders, representing approximately 74% of the company's notes. Through the transaction, Cutera will reduce its debt by nearly $400M, or over 90%, and raise $65M in new money from its existing lenders. To implement the transaction, Cutera has filed voluntary "pre-packaged" Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Cutera will operate as usual throughout the court-supervised process and continue to provide best-in-class solutions to its customers around the globe without disruption. Cutera has negotiated and solicited votes on its restructuring plan in advance and expects to complete this process quickly and efficiently, within 60 days. At the end of the process, Cutera will be a private company. The company has filed a request with the Court that will allow it to make timely payments to vendors in full under normal terms for goods and services delivered both before and after the filing. Cutera expects to receive approval for this request. The company's entities located outside of the U.S. are not included in the Chapter 11 filings.