Isolagen bankruptcy moves forward - Business First of Columbus:

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Isolagen Inc. (AMEX:ILE), an Exton, Pa., biotechnologty company developing a cellular therapy to treat wrinkless and otherskin conditions, filed for reorganizatiobn under Chapter 11 of the U.S. Bankruptcyt Code last week. The company and its Isolagen Technologies, intend to continus to manage and operate theirr business as debtors in Under the courtapproved financing, Isolagen is borrowingf $2.75 million from a groulp of undisclosed lenders. The proceeds will be used to providw the company with working capital for general corporate purposes and for expenses associates with thebankruptcy proceeding.
In connectiomn with the initialbankruptcy filing, Isolagen has entereed into a restructuring agreement with a large majoritu of the holders of the company’s 3.5 percenyt convertible subordinated notes, issued in Novembet 2004; the holders of about $500,000 of secured note issued in April 2009; and the agent for the debtor-in-possessiob lenders. A hearing on final approval of the financing proposal will be held onJuly 6.