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Move follows another that provided the firm with $1.2 million in financing from Dorsky Worldwide Corp.
November 23, 2009
By: Editor
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Canadian medical device firm ART Advanced Research Technologies Inc. is entering into an agreement with Dorsky Worldwide Corp. to restructure its balance sheet in order to continue business, according to the company. The supplier of optical molecular image products will file a proposal to its unsecured creditors, which would allow for distribution of $375,000. The proposal vote is planned for Dec. 7. The proposal also would provide for repayment of certain claims of secured creditors of ART for the cancellation of all existing issued and outstanding equity. These announcements follow another one, made on Nov. 2, that ART entered into a loan agreement with Dorsky for interim financing of up to $1.2 million.
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