Life sciences firm, NanoString Technologies Inc., together with three of its affiliates, recently filed for Chapter 11 protection. They took this step in the Delaware bankruptcy court, amidst being mired in significant financial hurdles of their own. Specifically, these problems translate into a whopping $325 million of debt presently, contrasted with $275 million in assets.
This information has been reported earlier on Law360. Further expounding, Chapter 11 is generally seen as a restructuring form of bankruptcy. It’s often leveraged by businesses that require time to restructure their debts. It streamlines a way for these businesses to keep functioning while they are following approaches to pay off creditors.
NanoString Technologies, primarily a biotech company, faces a difficult interim period as they make strides to stabilize their financial position. The rigorous process ahead is a testament to the commercial challenges that companies, even within pioneering industries, must navigate during their journey.