Optical molecular imaging developer ART Advanced Research Technologies has received approval from the Quebec Superior Court for the Montreal-based company's proposal to file for bankruptcy.
The transactions contemplated by the proposal, including ART's reorganization, are expected to be implemented and effective by December 11.
In consideration of the transactions under the proposal, Dorsky Worldwide has settled claims of ART's secured creditors totaling approximately $5 million ($4.7 million U.S.) and paid $375,000 ($372,000 U.S.) to be used by ART to pay a distribution to its unsecured creditors.
On December 7, unsecured creditors of ART for the amount of approximately $1.65 million ($1.6 million U.S.) voted unanimously in support of the proposal.
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