Radiation therapy firm North American Scientific (NAS) has filed for bankruptcy with the U.S. District Court for the Central District of California, the company said.
North American Scientific expects that Chapter 11 protection will enable the company to conduct its business operations as usual in both the prostate and breast device segments. To that end, NAS is seeking approval from the court for various motions enabling the company to continue managing its operations.
One reason for the filing is that the company's bank reduced its borrowing ability, NAS said.
In addition, Chatsworth, CA-based NAS has entered into an agreement with Best Theratronics of Ottawa, Ontario, to sell its prostate brachytherapy product line for $2.5 million.
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