Saturday, April 15, 2017
Halt Medical, Inc., a privately held medical device company that develops minimally invasive, uterine-sparing solutions for women who suffer from symptomatic fibroids, announced today that it has filed for voluntary Chapter 11 bankruptcy protection and entered into an asset purchase agreement with an affiliate of Acessa Health, Inc. ("Acessa Health").
Halt also announced that it has secured a new, $4 million debtor-in-possession credit facility from an affiliate of Acessa Health that will allow the Company to continue operating as normal during the sale process, without interruption to its day-to-day operations.
"We continue to have great resolve in our mission to advance minimally invasive, uterine-sparing technologies for the treatment of symptomatic fibroids," said Kim Bridges, CEO of Halt Medical. "Moreover, we believe that the proposed relationship with Acessa Health and its affiliates, who have expressed deep support of our mission, is in the best long-term interest of our patients, partners, and stakeholders."
Bridges continued, "The financial support we are receiving from Acessa Health and its affiliates during the sale process will allow us to continue normal operations during the transition period. We will do everything in our power to ensure that obligations to our employees, patients, and business partners are met and that we continue to deliver high quality service to our customers without interruption."
The voluntary Chapter 11 petition was filed in the United States Bankruptcy Court for the District of Delaware. The sale process will be conducted pursuant to section 363 of the U.S. Bankruptcy Code and is expected to be completed during the third quarter of 2017. The Company retained Drinker Biddle & Reath LLP and Cooley LLP as bankruptcy and corporate counsel, respectively, and Canaccord Genuity Inc. as investment bankers.