It is.
“The decision to pursue the sale of the company’s assets and operations through the bankruptcy process was an extremely difficult but appropriate decision for our Board of Directors to make,” commented James A. Wylie, Jr., Diomed’s Chief Executive Officer. “In spite of our intensive efforts to seek a buyer for the Company outside of bankruptcy and to work with our secured lenders to avoid seeking bankruptcy protection, the impact of infringement of the Company’s products in the marketplace and delays in the judicial process proved impossible to overcome,” Wylie stated. “We believe that, given the ongoing financial and legal challenges facing Diomed, bankruptcy is the best means available to protect the company’s assets and allow the company’s operations to be sold through an orderly process.”
