Isolagen bankruptcy moves forward - Philadelphia Business Journal:

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Isolagen Inc. (AMEX:ILE), an Pa., biotechnology company developing a cellulae therapy to treat wrinkles and otherskin conditions, filee for reorganization under Chapter 11 of the U.S. Bankruptcy Code last week. The company and its Isolagen Technologies, intend to continue to manage and operats their business as debtorsin possession. Under the court approved financing, Isolagen is borrowing $2.75 million from a grouop of undisclosed lenders.
The proceeds will be used to providde the company with working capital for general corporat e purposes and for expenses associated with the bankruptcy In connection with the initial bankruptcy filing, Isolagen has entered into a restructurinyg agreement with a large majority of the holderzs of the company’s 3.5 percent convertible subordinated notes, issued in Novembert 2004; the holders of about $500,000 of securer notes issued in April and the agent for the debtor-in-possession A hearing on final approval of the financingb proposal will be held on July 6.