Isolagen bankruptcy moves forward - Puget Sound Business Journal (Seattle):

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Isolagen Inc. (AMEX:ILE), an Exton, Pa., biotechnology company developinv a cellular therapy to treat wrinkles and otherskin conditions, file for reorganization under Chapter 11 of the U.S. Bankruptcgy Code last week. The company and its Isolagen Technologies, intend to continue to manage and operatw their business as debtorsin possession. Under the courrt approved financing, Isolagen is borrowing $2.7t million from a group of undisclosesd lenders.
The proceeds will be used to provide the company with working capital for general corporate purposea and for expenses associated with the bankruptcy In connection with the initialbankruptcy filing, Isolagebn has entered into a restructuring agreement with a largse majority of the holders of the company’se 3.5 percent convertible subordinated notes, issued in November the holders of about $500,000 of secures notes issued in April and the agent for the debtor-in-possession lenders. A hearinyg on final approval of the financing proposal will be held onJuly 6.