Adaltis Granted Creditor Protection By Court

Adaltis Inc, a Canadian medical device maker, said on Friday it was granted protection from its creditors by a Quebec court while it works on a reorganization plan, Reuters reported. Montreal-based Adaltis, which warned earlier this week that it was running out of money, said the Quebec Superior Court approved its application under the Companies' Creditors Arrangement Act (Canada). The court also approved debtor-in-possession financing of up to C$3 million ($2.6 million) through Victoria Square Ventures Inc to fund operations during the reorganization process. The company, which specializes in in-vitro diagnostic products, said normal day-to-day operations would not be affected by the move and operations outside Canada were not included in the filing. Read more.