Synova Healthcare Group (Media, Pennsylvania) reported that it and its four U.S. subsidiaries have filed voluntary petitions to reorganize under Chapter 11 of the Bankruptcy Code. Synova is seeking to operate its business as a debtor-in-possession pursuant to the Bankruptcy Code.

Under the Bankruptcy Code, Synova is prohibited from paying pre-petition obligations until a plan of reorganization has been approved by creditors and the bankruptcy court. This prohibition applies to all of Synova's pre- petition obligations, including obligations to holders of its senior convertible promissory notes.

The company's decision to reorganize under Chapter 11 was made primarily to address Synova's liquidity and capital resources issues, which it said leave it unable to continue to effectively operate its business of developing, distributing over-the-counter women's healthcare products. The company said it has historically relied upon equity and debt capital to fund its ongoing operations, and its current inability to obtain such capital severely depleted its cash and other capital resources.

The Chapter 11 petitions were filed in the U.S. Bankruptcy Court in the District of Delaware.

Synova markets and sells products under the brand names Today and Fem-V. The Today Sponge is a non-hormonal contraceptive that combines barrier, spermicidal and absorptive methods to prevent conception. Fem-V is a non-invasive diagnostic test with 91% sensitivity, designed to detect the presence of elevated vaginal acidity, assisting women in identifying the most appropriate treatment for vaginal infections.