(Bloomberg) -- Bankrupt Vyaire Medical Inc. has received multiple indications of interest from potential buyers, giving the ventilator-maker a path to surviving Chapter 11 and post-pandemic business shock, the company’s lawyer said Tuesday. 

So far, more than 30 interested parties have signed nondisclosure agreements and six have met with Vyaire’s management, company lawyer Spencer Winters said during a hearing in a Delaware bankruptcy court.  

Vyaire, which develops medical devices to assist with troubled breathing, is working to line up stalking-horse buyers for its ventilation and respiratory diagnosis divisions in the coming weeks, Winters said. So-called stalking-horse bids set the floor price for the company’s assets in a potential Chapter 11 auction.

The sale of Vyaire’s assets must net at least $140 million, or else company lenders could cancel the sale process and force the business to close, according to court documents. Vyaire’s lenders include Atalaya Capital Management LP, Benefit Street Partners LLC and funds managed by BlackRock Investment Management (UK) Ltd., according to court papers filed Tuesday.

Vyaire has said it experienced significantly higher demand for its products during the Covid-19 pandemic. The company filed Chapter 11 on Sunday after pandemic-related supply chain disruptions diminished its cash flow, while increased competition hurt its business. 

The case is Vyaire Medical Inc., number 24-11217, in the US Bankruptcy Court for the District of Delaware.

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