Baxano Surgical to Sell Product Lines Through Voluntary Chapter 11 Court Supervised Auction Process (Press Release)
RALEIGH, N.C., Nov. 13, 2014 (GLOBE NEWSWIRE) -- Baxano Surgical, Inc. (Nasdaq:BAXS), a medical device company focused on designing, developing and marketing minimally invasive products to treat degenerative conditions of the lumbar spine, today announced that the Company has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The bankruptcy filing was effected in order to facilitate a going concern sale of the Baxano Surgical minimally invasive products under Section 363 of the Bankruptcy Code.
"We believe this is the best course of action for the company at this point in time and is in the best interests of all of our stakeholders," stated Ken Reali, President and CEO of Baxano Surgical. "As we move through this transaction process we will continue to focus on supporting our commercial business and the surgeons and hospitals that use our products."
In conjunction with the bankruptcy filing, Hercules Technology Growth Capital, Inc., Baxano Surgical's pre-petition secured lender,...
