Proteus Digital Health Inc. won court approval to wind down in bankruptcy following a $15 million sale of its ingestible medication sensor technology business.
The company’s Chapter 11 liquidation plan, which was supported by general unsecured creditors, meets all confirmation requirements, Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware said in a Nov. 13 order.
Under the plan, general unsecured creditors will recover up to 40% on claims estimated between $11 million and $13 million, according to the company’s disclosures.
Redwood City, Calif.-based Proteus filed its plan following a sale to business partner Otsuka ...
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