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Avadim Health Hits Ch. 11 After Years Without Turning A Profit
Law360 (June 1, 2021, 11:10 AM EDT) -- North Carolina-based health products company Avadim Health has filed for Chapter 11 protection in Delaware bankruptcy court with $114.8 million in debt and plans for an asset sale, saying the company has been unable to turn a profit since it was founded in 2007.
In court papers filed Monday, Avadim said after years of unsuccessful attempts to establish a "sufficient market foothold" and a failed initial public stock offering last year, it is facing a "severe liquidity crisis," leading it to conclude that putting itself on the block with a $69.5 million stalking horse bid from its prepetition secured lenders was...