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

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Isolagen Inc. (AMEX:ILE), an Pa., biotechnology company developing a cellulae therapy to treat wrinkles and otherskin conditions, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code last The company andits subsidiary, Isolagen Technologies, intend to continue to managwe and operate their business as debtors in possession. Under the courgt approved financing, Isolagen is borrowing $2.75 million from a group of undisclosesd lenders.
The proceeds will be used to provide the company with working capital for general corporate purpose and for expenses associated with the bankruptcy In connection with the initial bankruptcy Isolagen has entered into a restructuring agreement with a largwe majority of the holders ofthe company’se 3.5 percent convertible subordinateds notes, issued in November the holders of about $500,000 of securedc notes issued in April 2009; and the agent for the debtor-in-possessionn lenders. A hearing on final approval of the financing proposal will be held onJuly 6.