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(Alliance News) -Â Inspiration Healthcare Group PLC said on Tuesday that an investee has filed voluntary Chapter 11 bankruptcy in the US.
NPXe Ltd, in which Inspiration Healthcare holds around a 8.6% stake, has filed a voluntary petition to reorganise under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. Chapter 11 allows companies to reorganise under temporary protection from creditors.
NPXe is a phase III pharmaceutical and drug delivery device company developing Xenex - xenon gas for inhalation - for neuro- and cardio-protection and improvement in survival for post-cardiac arrest syndrome.
Inspiration Healthcare's holding in NPXe is currently valued at GBP111,000.
NXPe has filed a motion seeking authorisation to pursue an auction and sale process.
Inspiration Healthcare will issue a further statement to update shareholders on details of any funds receivable should the sale of NXPe proceed.
Shares in Inspiration Healthcare were flat at 67.00 pence in London on Tuesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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