Credit Suisse to Get 75% Stake in Imagyn
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Imagyn Medical Technologies Inc. said it has completed a bankruptcy reorganization plan in which major creditor Credit Suisse First Boston Management Corp. will acquire a 75% stake in the Newport Beach designer of surgery products.
The plan calls for all outstanding shares of Imagyn Medical to be canceled.
Imagyn said it plans to use the financing for normal business operations and will continue to pay normal employee salaries, wages and benefits.
The company filed for bankruptcy reorganization in June, a month after three creditors representing a minority of holders of senior subordinated notes moved to force the company into involuntary bankruptcy.
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