According to the SEC filing, ReGen and a major investor Sports Medicine Holding agreed to increase the maximum principal amount of secure notes ReGen may issue from $750,000 to $1 million. The voluntary petition includes ReGen’s wholly owned subsidiary RBio but not its Swiss subsidiary ReGen Biologics AG.
During the bankruptcy proceeding, ReGen plans to use cash flow from operations and borrowings from Sports Medicine Holding to meet its financial obligations. The Chapter 11 filing comes shortly after ReGen announced it did not have enough funding to file its annual earnings report with the SEC. (http://beckersorthopedicandspine.com/orthopedic-spine-device-implant-news/3564-regen-biologics-cant-afford-annual-sec-earnings-filing)
Read the SEC filing about ReGen’s petition for Chapter 11 Bankruptcy.
Read other coverage about ReGen:
– ReGen Turns Down FDA Hearing on Rescinding Knee Implant Clearance
– ReGen Biologics Can’t Afford Annual SEC Earnings Filing
– FDA: Approval of ReGen’s Menaflex Knee Device Should be Re-Evaluated
