Fast Radius gets court approval to sell assets to SyBridge Digital

By Sarah Lizee

Olympia, Wash., Dec. 13 – Fast Radius, Inc. received court approval to sell most of its assets to SyBridge Digital Solutions LLC for a headline value of nearly $17 million, according to a Tuesday press release and a court hearing.

The consideration includes a little over $13 million in cash and a capped amount of assumed liabilities. About 100 contracts are being assumed under the deal.

More than 130 jobs, or about 75% of the debtors’ workforce, will be preserved through the purchase.

The sale is expected to close later this week.

The auction for the assets was competitive, with more than 10 qualified bidders showing up. The auction lasted for 36 hours.

According to the terms of the asset purchase agreement, the sale would not be able to close if the court hadn’t granted approval on Monday.

As previously reported, the official committee of unsecured creditors expressed some concerns in a limited objection filed Friday. The committee generally supports the sale, but it took issue with allocation of proceeds post-closing.

Some of the proceeds will be used to pay secured lender SVB Bank in full, and SVB Capital in part. The committee argued against the payment to be made to SVB Capital, saying that all assets acquired after June 4 are not subject to SVB’s security interest.

The committee said these unencumbered assets include the debtors’ accounts receivables incurred within the 90 days prior to the petition date, which is valued at about $5 million. The committee said those funds should be kept by the debtors’ estate and used to pay unsecured creditors.

The company has also used the name ECP Environmental Growth Opportunities Corp. The Chicago-based cloud manufacturing and digital supply chain company filed bankruptcy on Nov. 7 under case number 22-11051.

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