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RPT-UPDATE 1-Adaltis files for bankruptcy in Canada
August 4, 2009 / 5:06 PM / 8 years ago

RPT-UPDATE 1-Adaltis files for bankruptcy in Canada

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* Says operations outside Canada not part of filing

* Says directors resign

* RSM Richter Inc appointed as trustee in bankruptcy

* Filing terminates court protection granted in July

Aug 4 (Reuters) - Canadian medical device maker Adaltis Inc ADS.TO said it voluntarily filed for bankruptcy in Canada to effect an orderly liquidation of its assets, property and operations.

Cash-strapped Adaltis, whose shares were delisted as part of a reorganization, said operations outside of Canada are not included in this voluntary assignment in bankruptcy.

The filing terminates the protection of the court granted under the Companies’ Creditors Arrangement Act (CCAA) on July 3, the company said in a statement.

Adaltis, which specializes in in-vitro diagnostic products, said the implications for creditors and other stakeholders will not be known until the liquidation process is complete.

Adaltis said directors of the company have resigned and RSM Richter Inc has been appointed as trustee in bankruptcy.

The Montreal-based company has offices in China, Italy, Mexico and other parts of the world, it said. (Reporting by Krishna Chaithanya in Bangalore; Editing by Gopakumar Warrier)

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