Curon bankruptcy
This article was originally published in The Gray Sheet
Executive Summary
Stretta gastroesophageal reflux disease device manufacturer ceases operations Nov. 15 and plans to file for Chapter 7 bankruptcy. The firm filed the disclosure with the Securities & Exchange Commission Nov. 13. Chapter 7 generally leads to liquidation of a company's assets. Curon recently faced the prospect of Nasdaq delisting because its shareholder equity fell below the stock exchange's minimum requirement, forcing the firm to sell off $3 mil. worth of intellectual property (1"The Gray Sheet" March 27, 2006, In Brief). For the second quarter of 2006, Curon lost $275,000, compared with a loss of $3.75 mil. in the second quarter of 2005. Sales totaled $1.1 mil...