ActiveCare Inc., a publicly traded company that helps people manage their diabetes, filed for bankruptcy with a restructuring plan that would hand ownership of the company to key supplier and largest unsecured creditor BioTelemetry Inc., WSJ Pro Bankruptcy reported. The chapter 11 filing on Sunday came after the Orem, Utah-based company defaulted on its debt and saw a potential deal with Cleveland Clinicunravel, according to records in U.S. Bankruptcy Court in Wilmington, Del. ActiveCare has a center at its headquarters whose staffers help patients manage their glucose levels by providing real-time blood test results and around-the-clock support, Mark Rosenblum, the company’s chief executive said in a bankruptcy filing. But the company has lost money for years, and has been unable to pay commissioned sales brokers, lenders or key suppliers, including publicly traded BioTelemetry. Efforts to raise additional capital, including after an extensive road show last year, have fallen short.
