Medical Device Co. Hits Ch. 11 To Shed Most Of $104M Debt

Law360 (January 14, 2020, 5:39 PM EST) -- REVA Medical Inc. filed for Chapter 11 in a Delaware bankruptcy court Tuesday, saying development costs outstripped the medical device maker's ability to persuade doctors to buy its products and that it has an agreement in hand for a $90 million debt-for-equity swap.

The San Diego-based company said it ran up $104.5 million in debt developing blood vessel implants and was unable to ramp up sales quickly enough in a “challenging marketing environment” to head off a liquidity crisis, which led it to negotiate a restructuring agreement with its lenders.

REVA — which was founded in 1998 and went public in...

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