Baxano Surgical, Inc fka BAXSQ

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Baxano Wants More Time for Bankruptcy Plan

DJ Baxano Wants More Time for Bankruptcy Plan -- Market Talk

Last update: 10/02/2015 1:05:18 pm


13:05 EST - Baxano Surgical wants more time to negotiate a Chapter 11 plan to pay back creditors from the proceeds of selling its surgical-instruments business. The company contends it needs another 3 months to hash out a consensual plan with creditors to wind down its business following sales which generated more than $7.5M. Baxano's lawyers say the asset sales, coupled with the collection of accounts receivable, are enough to repay its senior lender, an affiliate of Hercules Technology (HTGC), and perhaps provide a recovery to unsecured creditors. ([e-mail]; @patfitzgerald23)

(END) Dow Jones Newswires

February 10, 2015 13:05 ET (18:05 GMT)

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