Adaltis Inc. has gone bankrupt after failing to work out a survival plan while under the protection of the Companies' Creditors Arrangement Act.
The international in vitro diagnostic company said Tuesday it will liquidate its Canadian assets, property and operations after filing for bankruptcy under the federal Bankruptcy and Insolvency Act.
Adaltis said its directors have resigned and it has appointed RSM Richter Inc. as its trustee in bankruptcy.
The Montreal-based company said its operations outside Canada are not included in the planned liquidation.
"The implications for creditors and other stakeholders of the corporation are not known at this time and will not be known until the liquidation process is complete," Adaltis said in a statement.
The company was granted protection under the CCAA on July 3 after announcing that it didn't have enough cash to meet its current obligations.
Adaltis was founded in 1987. It has offices in China, where it focuses its operations, as well as in Italy, Mexico and other parts of the world.
In March, the company reported a loss for 2008 of $41.4 million, or 45 cents a share, compared to a loss of $38.9 million, or 63 cents a share, in 2007.
Shares of Adaltis last traded on June 26 when they closed at 7.5 cents on the Toronto Stock Exchange.