Soneet Kapila, the managing partner of the KapilaMukamal insolvency consulting firm, is beginning to sell off the remaining assets of the recently shuttered Tampa, Fla.-based Laser Spine Institute, according to the Tampa Bay Times.
Five things to know:
1. Mr. Kapila has been appointed Laser Spine's assignee as part of an insolvency process known as assignment for the benefit of creditors, in which the assignee must assess all equipment and materials and determine what is valuable enough to sell.
2. Any proceeds will go to the creditors who shut down Laser Spine Institute March 1 after the company was unable to find an investor.
3. Laser Spine officially filed for assignment of benefit on March 14.
4. Mr. Kapila said the Laser Spine Institute is unusual in that it shuttered so abruptly, and it will probably take months to assess all physical assets and intellectual property.
5. For Laser Spine Institute patients who are still making payments, creditors will take over those accounts and will reach out with instructions on how to continue the payment process, Mr. Kapila said.