Prescription Advisory Systems & Technology, Inc. (“PAST”), a medical technology and software company, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12601). PAST, based in Jenkintown, PA, estimates its assets to be between $0 – $50,000 and its liabilities to be between $1–$10 million. The Board Resolution attached to the Petition discloses that PAST is seeking approval of up to $125,000.00 in DIP Financing. The First Day Declaration explains that PAST has filed in order to effectuate a balance sheet restructuring supported by a majority of its noteholders. The case has been assigned to the Honorable Brendan Linehan Shannon.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.