KUALA LUMPUR, Nov 13 -- Nuvectra Corporation (Nuvectra), a neurostimulation medical device company, has elected to file a voluntary petition for reorganisation under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the Eastern District of Texas (the Court).
Nuvectra intends to use this Court-supervised process to continue its review of a range of options to maximise value and address its financial obligations, according to a statement.
The Board of Directors and management team continue to believe the Company and its assets have considerable value and are exploring a range of options, including a sale of Nuvectra as a whole, Algovita Spinal Cord Stimulation System (Algovita), Virtis® or specified assets.
Furthermore, Nuvectra is committed to supporting existing patients using Algovita, as well as the physicians, clinicians and facilities treating patients with Algovita. The safety and functionality of Algovita will not be impacted by the Court-supervised process.
The Company is currently suspending its support of future implants until its path forward is determined and recommends physicians cease any new implantations, as well as trial procedures and clinical studies in progress, until that time.
Nuvectra has filed a number of customary motions seeking Court authorisation to support its operations during the Court-supervised process, including a consensual cash collateral motion and a motion to pay employee wages and benefits.
-- BERNAMA
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