NMT Medical Inc. (PINK:NMTI) will sell its portfolio of intellectual property portfolio at auction in June as it attempts to repay its creditors after declaring bankruptcy.
Bankruptcy
Bankrupt ReGen gets another cash infusion through investor | Funding roundup
Bankrupt ReGen Biologics Inc. (OTC:RGBO) took out a loan from a company affiliated with one of its investors. The new debt represents Regen’s second financing deal with the company since filing for Chapter 11 bankruptcy two weeks ago.
Bankrupt Angiotech and creditors extend deadlines for debt recapitalization deals
Angiotech Pharmaceuticals Inc. (OTC:ANPI) reached extension agreements with the holders of its 7.75 percent senior subordinated notes and senior floating rate notes due 2013 for the debt’s recapitalization, according to a filing with the Securities & Exchange Commission.
NMT Medical begins liquidation procedures
NMT Medical Inc. (PINK:NMTI) began liquidating its assets in an attempt to repay its creditors.
Officials at the Boston, Mass.-based company said it entered into an Assignment for the Benefit of Creditors, effective immediately. The legal maneuver is an alternative to formal bankruptcy that transfers all of NMT’s assets to a designated party, which can then liquidate assets and distribute the proceeds to creditors.
Elemé Medical lost $40 million trying to launch laser cellulite-removal device
Elemé Medical Inc. lost nearly $40 million in three years trying to develop and commercialize its SmoothShapes laser cellulite-removal system, which brought in less than $8 million in sales once it hit the market.
The now-defunct Merrimack, N.H.-based cosmetic device maker sold off all its assets to larger competitor Cynosure Inc. (NSDQ:CYNO) for $2.5 million in February.
U.S. judge OKs Angiotech bankruptcy plan
A federal judge in Delaware rubber-stamped Angiotech Pharmaceutical’s (OTC:ANPI) bankruptcy plan, writing that it’s the best deal possible and serves the interest of "international comity."
The settlement, already approved by the Supreme Court of British Columbia, is aimed at eliminating $250 million in debt under Canada’s Companies’ Creditors Arrangement Act. It will largely wipe out the company’s existing shareholders, apart from a group connected with its 2006 acquisition of Quill Medical Inc.
Regen Biologics files for bankruptcy
ReGen Biologics Inc. (PINK:RGBO) filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the District of Delaware.
Angiotech bankruptcy moves forward
The Supreme Court of British Columbia accepted a “plan of compromise” between bankrupt Angiotech Pharmaceuticals Inc. (OTC:ANPI) and its creditors.