Miniature x-ray device developer Photoelectron has been unable to secure long-term financing for its business and its board of directors has decided to seek a buyer for the firm’s assets. It anticipates that it is unlikely that the proceeds of any sale will be sufficient to pay is creditors and that, as a result, minimal value, if any, will be available to its stockholders. If a buyer is identified, Photoelectron intends to complete the sale as part of a Chapter 11 bankruptcy filing, according to the North Billerica, MA-based vendor.
In other news, the company also announced that Peter Nomikos, its chairman and CEO, has resigned from all positions with the firm.
By AuntMinnie.com staff writersMarch 7, 2003
Related Reading
Photoelectron highlights use of x-ray to unclog arteries, July 25, 2000
Photoelectron aims mini x-rays at breast cancer, May 9, 2000
Copyright © 2003 AuntMinnie.com
