Reva Medical announced yesterday that it has filed for chapter 11 protection, MassDevice.com reported. Last month, San Diego-based Reva entered into a restructuring support agreement with a handful of its stakeholders to address the company’s outstanding debt. Reva also filed a pre-packaged reorganization plan to provide employee wages and benefits without interruption while paying vendors and suppliers as usual, with court approval. Reva also plans to continue ordinary operations and expects to use provisions in the Bankruptcy Code that require suppliers to meet the terms of pre-existing contracts. The company said that it secured pre-petition financing worth $4.4 million to help it reach its near-term financial commitments.
