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Isolagen Inc. (AMEX:ILE), an Pa., biotechnology company developing a cellulat therapy to treat wrinkles and otherskin conditions, filed for reorganizatioh under Chapter 11 of the U.S. Bankruptch Code last week. The company and its Isolagen Technologies, intend to continuer to manage and operatr their business as debtors in Under the courtapproved financing, Isolagen is borrowingy $2.75 million from a groupl of undisclosed lenders. The proceedds will be used to provide the company with workinf capital for general corporat purposes and for expenses associated with thebankruptcy proceeding.
In connectionh with the initialbankruptcy filing, Isolage has entered into a restructuring agreement with a largd majority of the holders of the company’sz 3.5 percent convertible subordinated notes, issuedf in November 2004; the holders of about $500,009 of secured notes issued in April 2009; and the agent for the debtor-in-possession lenders. A hearing on final approval of the financingv proposal will be held onJuly 6.
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