Medical device maker Cardiac Science files for bankruptcy protection

http://www.jsonline.com/business/medical-device-maker-cardiac-science-files-for-bankruptcy-protection-b99600538z1-334836571.html

Waukesha-based medical device firm Cardiac Science Corp. filed Tuesday for Chapter 11 bankruptcy, listing debts of $100 million to $500 million against assets in the $10 million to $50 million range.
Initiating the filing was a new board of directors recently installed by the company's chief secured lender. The lender, a Los Angeles firm called CFS 915 LLC, says Cardiac Science is in default on more than $80 million in debt.
In a statement, representatives of the new board said Cardiac Science is seeking a prompt sale of the company as a going business. Cardiac Science's secured lender will bid to buy the firm in a supervised auction, the statement said.
Cardiac Science, which develops and manufactures automated external defibrillators, employs about 190 people full time, as well as 93 "part-time educators," a bankruptcy document said.
The bankruptcy filing comes one day after the new board petitioned to have a sister company, Criticare Systems Inc., placed in receivership in Waukesha County Circuit Court. Both Criticare and Cardiac Science have headquarters at N7 W222025 Johnson Drive, Waukesha.