Isolagen bankruptcy moves forward - Philadelphia Business Journal:

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Isolagen Inc. (AMEX:ILE), an Exton, Pa., biotechnology company developinv a cellular therapy to treat wrinkles and other skin filed for reorganization under Chapter 11 ofthe U.S. Bankruptct Code last week. The company and its Isolagen Technologies, intend to continue to manage and operatwe their business as debtorsin possession. Under the court approve d financing, Isolagen is borrowing $2.75 million from a group of undisclosed lenders. The proceeds will be used to provide the company with workiny capital for general corporate purposes and for expenses associated with thebankruptcy proceeding.
In connection with the initialpbankruptcy filing, Isolagen has entered into a restructurin g agreement with a large majority of the holders of the company’sd 3.5 percent convertible subordinated notes, issuedc in November 2004; the holders of about $500,000 of secured notes issued in April 2009; and the agent for the debtor-in-possession lenders. A hearinyg on final approval of the financintg proposal will be held onJuly 6.