Synova Healthcare Group, Inc. Commences Bankruptcy Case in Delaware
Synova Healthcare Group, Inc. and its affiliated debtors filed petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The debtors filed these cases, over which Judge Christopher S. Sontchi is presiding, on December 18, 2007.
According to papers filed in these cases, the debtors develop and distribute women’s health care products. Because the debtors generate insufficient revenue from operations to fund their capital and cash flow needs, they have relied on other sources of capital and cash to maintain operations. These cases were triggered by the debtors’ recent inability to raise sufficient funds through the private placement of promissory notes. The debtors report that they intend to dispose of their assets through a going concern sale of their businesses.
