NanoString Technologies Inc. (NSTG) and certain of its subsidiaries have voluntarily initiated a chapter 11 restructuring proceeding in the United States Bankruptcy Court for the District of Delaware. The company is exploring strategic alternatives in support of its mission and for the benefit of its stakeholders, including the potential sale of the company or product lines, the company said in a statement on Sunday.
NanoString stated it has reached an agreement in principle with certain of its incumbent lenders to provide it with at least $40 million in new capital in the form of Debtor in Possession financing. Upon approval of the Bankruptcy Court, this financing facility is expected to provide sufficient liquidity to operate the Company's business during the pendency of the cases.
NanoString closed down 9.44 percent on Friday at $0.4681.
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