AtheroNova and its Subsidiary File for Chapter 11 Bankruptcy Protection PR Newswire "Press Releases US - English"
IRVINE, Calif. , March 3, 2015 /PRNewswire/ -- AtheroNova Inc. (OTCQB: AHRO) today announced that the Company and its subsidiary, AtheroNova Operations, Inc. , filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court, Central District of California , Santa Ana division (the " Bankruptcy Court ") on March 2, 2015 . The Company's Chapter 11 cases are expected to be jointly administered.
The Company will evaluate all options, including a Bankruptcy Court supervised asset sale process, for all or substantially all of its assets to a party who could potentially be interested in continuing the Company's clinical programs.
During the bankruptcy process, the Company will continue to operate in the ordinary course, including continuing the evaluation of its recently concluded Phase 1b clinical trial in Russia . In addition, the Company intends to request Bankruptcy Court approval of a series of customary motions. Bankruptcy Court documents and additional information are available as indicated below.
Levene, Neale, Bender, Yoo & Brill L.L.P. is serving as the Company's bankruptcy counsel, and Sherwood Partners, LLC is serving as the Company's financial advisor and sales agent in this process.
