uBiome Converts Chapter 11 Case to Chapter 7 Petition; Company to Cease Operations and Liquidate
SAN FRANCISCO, Oct. 1, 2019 /PRNewswire/ -- uBiome, Inc., today announced that it has requested that the Bankruptcy Court presiding over its pending Chapter 11 bankruptcy convert its case to a liquidation under Chapter 7 of the U.S. Bankruptcy Code. A hearing at which the Bankruptcy Court will consider uBiome's request has not been scheduled.
The Company had been in discussions with its post-bankruptcy lenders and the statutory Official Committee of Unsecured Creditors in an attempt to secure access to its post-bankruptcy financing facility and settle disputes with the Committee, but was unable to reach agreements on these matters. Management and the independent directors of the Board of uBiome have determined that, without consensus among the Committee, the lenders and the Company, the conversion to a case under Chapter 7 is in the best interests of uBiome and its stakeholders.
If uBiome's motion is approved by the Bankruptcy Court, the liquidation of uBiome's business will be administered under the oversight of a Court-appointed trustee.
uBiome is advised in this matter by Young Conaway Stargatt & Taylor, LLP.
Founded in 2012, uBiome is the leader in microbial genomics. uBiome combines its patented proprietary precision sequencing™ with machine learning and artificial intelligence to develop wellness products and therapeutic targets. uBiome has filed for over 250 patents on its technology, which includes sample preparation, computational analysis, molecular techniques, as well as diagnostic and therapeutic applications.
uBiome's main commercial product is Explorer™, a health and wellness product to understand the role that food and lifestyle can play in wellness.
uBiome's platform has been used by hundreds of thousands of consumers, patients, and doctors and more than 200 research institutions around the world, including the US Centers for Disease Control (CDC), US National Institutes of Health (NIH), Harvard University, Stanford University, the Massachusetts Institute of Technology (MIT), University of California, San Francisco, Oxford University, and the University of Sydney.
For more information, visit http://www.uBiome.com.
SOURCE uBiome, Inc.