Surgalign Holdings Filed for Voluntary Chapter 11 Bankruptcy
Beleagured U.S. medical technology company Surgalign Holdings has filed for a voluntary Chapter 11 bankruptcy.
Surgalign Holdings Filed for Voluntary Chapter 11 Bankruptcy
Beleagured U.S. Medical Technology Company Surgalign Holdings has filed for a voluntary Chapter 11 bankruptcy.
In the Bankruptcy Court for the Southern District of Texas, Surgalign filed for bankruptcy with estimated assets and liabilities in the $50 million to $100 million range.
The company is engaged in sale of tools and technology for spinal surgeries in 40 countries has agreed to sell its hardware and biologics assets and equity interests to Xtant Medical Holdings for just $5 million through Chapter 11 proceedings. Montana-based Xtant Manufactures and distributes medical devices and human tissues for transplants.
In March, 2023 the Deerfield, Illinois-based company had announced that it had reduced its workforce by about 20 per cent and cut non-essential spending, and realigned resources.
Previously in November 2022, the company had approved a corporate restructuring plan, which included discontinuing some of its underperforming divisions while also vowing to keep up its brand and product simplification initiatives.