Xybernaut Denied Funding For Possible Chapter 11
Ellen McCarthy writes in The Washington Post:
Xybernaut Corp., the Fairfax [Virginia] company that makes wearable computers, yesterday said it was unable to secure the financing necessary to operate under bankruptcy protection.
Last month, in preparation for a possible bankruptcy filing, the company asked an undisclosed lender to start work on the loans and paperwork that would ensure the company "debtor-in-possession" financing if it pursues Chapter 11 protection. Xybernaut also sent the lender a $125,000 deposit.
But yesterday, Xybernaut said in a filing with the Securities and Exchange Commission that the lender returned about $54,000 and declined to commit to the debtor financing.
posted by Fergie @ 7/14/2005 06:21:00 AM
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