Imris Inc., a Minnetonka manufacturer of advanced medical imaging systems, said it could emerge from bankruptcy as early as next month pending approval of its sale to health care investment firm Deerfield Management Co.
Imris set to emerge from bankruptcy pending sale approval
The Minnetonka company would become private.
July 25, 2015 at 1:57AM
Imris sought Chapter 11 bankruptcy protection in May and announced then that it was pursuing a sale to Deerfield, which had already invested $26.9 million in Imris and was the source of a $9 million loan to keep the company operating during bankruptcy.
Terms of the sale announced Friday were not disclosed. Imris, which once was a publicly traded company, will now be owned by a private company under terms of the transaction.
The sale requires bankruptcy court approval, and a hearing on the deal has been set for Aug. 12 in U.S. Bankruptcy Court in Delaware. The sale is expected to close shortly after court approval.
Imris, which moved its headquarters to Minnetonka from Canada in 2013, has about 85 employees.
The company makes an expensive imaging system called the Visius Surgical Theater that allows physicians to get images of patients during surgery without going to a separate imaging suite center.
Imris revenue declined to $29 million in 2014 from $70 million in 2010, according to filings with the Securities and Exchange Commission.
"I am confident Imris will emerge much strong in the competitive health care industry," said Imris CEO Jay Miller in a statement.
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The Minnetonka-based health insurer says the new contract “ensures continued, uninterrupted network access” to hospitals and clinics at the Bloomington-based health system.
