IMRIS Inc. and Two Subsidiaries File for Chapter 11 Protection

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Go back to IMRIS Inc. and Two Subsidiaries File for Chapter 11 Protection

Imris (IMRS) and Two Subsidiaries File for Chapter 11 Bankruptcy

May 26, 2015 8:27 AM EDT

Imris (NASDAQ: IMRS) announced that the Company, its subsidiary NeuroArm Surgical Ltd., and its U.S. subsidiary, IMRIS, Inc. have each filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

As part of the filing, IMRIS announced that subject to a marketing process and Court approval, it intends to sell its business operations to an affiliate of Deerfield Management Company, L.P. ("Deerfield"). In addition, the Company has secured a commitment for debtor-in-possession financing from Deerfield, which, in... More