Post by highskier on Jun 21, 2023 13:44:27 GMT
The stk symbol has changed to PTEIQ.
On June 7, 2023, PolarityTE made the decision to file voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. This chapter provides an opportunity for reorganization, often used by corporations or partnerships. The debtor typically proposes a reorganization plan to keep their business afloat and pay creditors over time.
The process begins with the debtor filing a petition with the bankruptcy court in the area where they have a domicile, residence, or principal place of business. This petition can be voluntary, filed by the debtor themselves, or involuntary, filed by creditors that meet specific requirements.
During a chapter 11 bankruptcy case, the United States Trustee plays a crucial role, and there are guidelines and reporting requirements for both the debtor in possession and the chapter 11 trustees.