A Medical Device Daily
Lifestream Technologies (Post Falls, Idaho), a supplier of cholesterol monitors, said yesterday it has filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Nevada. As a “debtor in possession,” the company remains in possession of its assets and properties, and continues to operate its business pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code.
In connection with the bankruptcy filing, on Nov. 27 the company entered into an asset purchase agreement with Polymer Technology Systems (PTS; Indianapolis) to sell substantially all of its assets for $750,000, subject to higher and better offers.
To consummate the sale, the company filed a motion pursuant to Section 363(f) of the Bankruptcy Code to seek court approval for sale of the assets referred to above. As its bankruptcy pleadings detail, based on preliminary indications, the company expects that after the sale it is unlikely that any assets will remain for distribution to the common shareholders.
Certain additional information concerning the matters announced in this release are contained in a current report on Form 8-K to be filed with the Securities and Exchange Commission.