According to a post that appeared on Staffing Industry Analysts North American Daily News, “Symbio Solutions, which operates a healthcare vendor management system, filed for Chapter 11 bankruptcy protection last week.”
Proceeds from the sale will go to 100-plus creditors, however, creditors that are entitled to receive funds may not get 100% of what is owed.
Plans call for an auction of the company later this month, and for the sale to close in February, Shifflette said.
Interesting enough, the post reported that Symbio first ran into payment difficulties last summer after an issue rose with its former factoring company, Sun Capital.
Click here to read the entire post: VMS files bankruptcy, plans sale.