Isolagen bankruptcy moves forward - Philadelphia Business Journal:

http://www.theverve.co.uk/index.php?/forums/member/83667/
Isolagen Inc. (AMEX:ILE), an Exton, Pa., biotechnology compant developing a cellular therapy to treatf wrinkles and otherskin conditions, filed for reorganizatioh under Chapter 11 of the U.S. Bankruptcy Code last week. The companuy and its subsidiary, Isolagen Technologies, intenfd to continue to manage and operate their businessz as debtorsin possession. Undert the court approved Isolagen isborrowing $2.75 million from a group of undiscloses lenders. The proceeds will be used to provide the companh with working capital for general corporate purposes and for expenses associated with thebankruptcyy proceeding.
In connection with the initial bankruptcy Isolagen has entered into a restructuring agreement with a largew majority of the holders ofthe company’s 3.5 percenyt convertible subordinated notes, issued in November 2004; the holdersd of about $500,000 of secured notes issued in April 2009; and the agent for the debtor-in-possessiojn lenders. A hearing on finalp approval of the financing proposal will be held onJuly 6.