Law Office of Paul Petrillo
Contact Us Today 603-635-4149
Menu Contact

Chapter 11 bankruptcy sought by New England prosthetic company

A prosthetic company based in New England is seeking Chapter 11 bankruptcy, according to confirmation from the company's chief executive officer (CEO). The company, the New England Orthotic and Prosthetic Systems, filed for protection from its creditors in the middle of July. The company is headquartered in Branford. The company will legally be allowed to continue operations as it restructures debt.

There are 21 locations for the company throughout Connecticut, New York, New Hampshire, Massachusetts and Rhode Island. The company's senior debt, which is paid off prior to paying off debt owed to creditors, was purchased by a prosthetic retailer based in Long Island, New York. The company was not named by the CEO of New England Orthotic and Prosthetic Systems. It is expected that the two companies will merge before 2017 comes to an end.

The CEO told the media that the reason for the bankruptcy filing is due to being over-extended by the company that recapitalized the company back in May of 2012. The company the CEO spoke of was Street Capital Partners, which is headquartered in Buffalo, New York. The CEO also cited regulatory changes within the industry that also led to the bankruptcy filing.

The filing shows that the company has no more than 50 creditors and liabilities totaling $17.3 million. The company is reportedly worth $19.3 million, with $11.8 million of it coming from intangible assets.

Running a business is not easy. If debt has you headed for Chapter 11 bankruptcy protection in Nashua, an experienced bankruptcy attorney can guide you through the lengthy process.

Source: Stamford Advocate, "New England Orthotic and Prosthetic Systems seeks Chapter 11 bankruptcy," Luther Turmelle, Aug. 02, 2017

No Comments

Leave a comment
Comment Information

Start Your Case Today

Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

email us for a response
Law Office of Paul Petrillo