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This article was originally published in The Gray Sheet

Executive Summary

Safety medical needle maker voluntarily files for Chapter 11 bankruptcy relief with the U.S. Bankruptcy Court in Hartford, Connecticut. The firm's recapitalization plans will rely on an agreement with principal lender Appaloosa Management to raise up to $10 mil. in equity and debt financing. Bio-Plexus hopes to complete the restructuring plan by the end of the second quarter. Appaloosa also will provide up to $300,000 of temporary funds during the transition period. "The company believes this action will be the quickest and most efficient way to restructure its balance sheet and raise the necessary capital for future growth," Bio-Plexus President/CEO John Metz comments



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