Imagyn Medical converts to Chapter 11
Tuesday May 18, 9:12 pm Eastern Time
WILMINGTON, Del., May 18 (Reuters) - Imagyn Medical Technologies Inc. (OTC BB:IMTI - news) equipment maker on Tuesday converted an involuntary Chapter 7 bankruptcy into a Chapter 11 filing as it sought protection for five affiliates, court papers showed.
In papers filed in the U.S. Bankruptcy Court in Delaware, Imagyn, through its Microsurge Inc. subsidiary, listed assets of $4 million and liabilities of $153.1 million, much of it in 12.5 percent senior subordinated notes due 2004.
Among the 20 largest unsecured creditors, Microsurge listed the Bank of New York as trustee for $110 million in notes; Credit Suisse First Boston, $84.2 million in notes; and Turnberry Capital Partners, $12.6 million in notes. Fourteen other creditors hold about $70 million in notes.
According to a note in the petition, Microsurge is an ''obligor/guarantor of a public debt issuance of $110 million.''
On May 3 Imagyn was placed in involuntary Chapter 7 by three of its creditors.
Imagyn of Newport Beach, Calif., makes medical/surgical equipment and supplies. |
