Isolagen bankruptcy moves forward - Business First of Buffalo:

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Isolagen Inc. (AMEX:ILE), an Exton, Pa., biotechnology company developing a cellular therapy to treat wrinklesz and otherskin conditions, filed for reorganization under Chapter 11 of the U.S. Bankruptcg Code last week. The company and its Isolagen Technologies, intend to continue to manage and operatre their business as debtors in Under the courtapproved financing, Isolagen is borrowingb $2.75 million from a grou p of undisclosed lenders. The proceeds will be used to provide the company with working capital for general corporate purposes and for expensexs associated with thebankruptcy proceeding.
In connection with the initia bankruptcy filing, Isolagen has enteresd into a restructuring agreement with a largs majority of the holders ofthe company’s 3.5 percenyt convertible subordinated notes, issued in November 2004; the holdersa of about $500,000 of secured notes issuede in April 2009; and the agenrt for the debtor-in-possession lenders. A hearinfg on final approval of the financing proposal will be held onJuly 6.