Medtech firm Surgalign files for Chapter 11 bankruptcy

Reuters2023-06-20

June 19 (Reuters) - Beleagured U.S. medical technology company Surgalign Holdings filed for a voluntary Chapter 11 bankruptcy on Monday.

Surgalign filed for the bankruptcy with estimated assets and liabilities in the range of $50 million to $100 million in the Bankruptcy Court for the Southern District of Texas.

The Deerfield, Illinois-based company said in March that it had reduced its workforce by about 20% and cut non-essential spending, and realigned resources.

In November last year, the company approved a corporate restructuring plan, which included discontinuing some of its lower-performing units as well as intending to continue its brand and product rationalization programs.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich)

((rishabh.jaiswal@thomsonreuters.com;))

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