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Isolagen Inc. (AMEX:ILE), an Exton, Pa., biotechnology compan developing a cellular therapyt to treat wrinkles and otherskin conditions, filed for reorganizationh under Chapter 11 of the U.S. Bankruptcy Code last The company andits subsidiary, Isolage Technologies, intend to continue to manage and operate thei business as debtors in possession. Undeer the court approved financing, Isolagen is borrowing $2.75 million from a group of undisclosed lenders. The proceed s will be used to provide the companhy with working capital for general corporate purposes and for expenses associated with thebankruptct proceeding.
In connection with the initialbankruptcy filing, Isolagen has entered into a restructuring agreement with a largde majority of the holders of the company’a 3.5 percent convertible subordinated notes, issued in Novembef 2004; the holders of aboutf $500,000 of secured notes issued in April and the agent for the debtor-in-possession lenders. A hearing on final approval of the financing proposal will be held onJuly 6.
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