Surgalign files for Chapter 11 bankruptcy

Spinal Tech

Surgalign has filed for Chapter 11 bankruptcy and is selling its assets to Xtant Medical Holdings, the spine devicemaker said June 20.

Surgalign will sell its U.S. hardware and biomaterials assets and equity interests in non-debtor entities related to international hardware business to Xtant Medical for $5 million, according to a company news release. Surgalign also filed a motion looking to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.

Surgalign's stock fell 42 percent upon news of its bankruptcy, Seeking Alpha reported June 20. In March, the company announced a 20 percent workforce reduction and sold its Coflex product line to Xtant Medical.

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