HDL, Inc. Seeks Protection Under Provisions Of Chapter 11
Says Daily Operations Will Continue Uninterrupted; Chapter 11 Filing Is Right Path To Ensuring Viability For Decades To Come
RICHMOND, Va. (June 8, 2015) – Health Diagnostic Laboratory Inc. (HDL, Inc.) announced today that it has sought the protection of Chapter 11 of the United States Bankruptcy Code, stressing that while the Chapter 11 restructuring process takes place HDL, Inc. will continue without interruption its mission of fighting cardiovascular disease and diabetes with innovative, advanced testing that can lead to earlier diagnosis and treatment.
The Company filed voluntary petitions under Chapter 11 in the United States Bankruptcy Court for the Eastern District of Virginia.
The following may be attributed to HDL, Inc. President and CEO Joseph McConnell:
“While we regret the necessity of seeking protection under Chapter 11, it is the right path for us to take, and we see it as an opportunity to better position our company for continued growth and success while strengthening our finances – ensuring our viability as a company for decades to come. As we have seen in any number of industries – the airlines, automakers and retailers –Chapter 11 can lead to bright, self-sustaining and competitive futures.
“Through this process, we will secure a better future for HDL, Inc. by better aligning our balance sheet obligations with our operations while ensuring that business will continue as usual. In conjunction with the filing, we are in the process of establishing a debtor-in-possession credit facility that, along with cash generated by the Company’s ongoing operations, will enable us to satisfy obligations associated with the daily operations of our business.
“The fundamentals of our business model remain solid, and we are confident these actions will enable us to quickly restructure and emerge better positioned for continued growth and success. HDL, Inc.’s operations are strong and demand for our high-quality diagnostic test products and services will continue to grow. HDL, Inc.’s commitment to our physician partners, the patients whom they serve and our employees is unwavering.
“The ongoing support from our physician and other health care partners, employees, business partners and suppliers is an important and positive step forward for our company.
“HDL, Inc. is proud of its work to help revolutionize patient care by changing the way that cardiovascular disease, diabetes, and related conditions are diagnosed and treated.
Coupled with the agreement we reached earlier this year with the U.S. Department of Justice – one that resolved all allegations against our Company while making it clear that there was no finding of wrongdoing – the protections of Chapter 11 should allow the Company to put a difficult period behind it and build on the future of the vitally important work we do to help improve the health of millions of Americans.”
About Health Diagnostic Laboratory, Inc.
Founded in 2008, Health Diagnostic Laboratory, Inc. (HDL, Inc.) is a leader in health improvement with one mission: to beat cardiovascular disease and diabetes, one patient at a time. HDL, Inc. provides comprehensive biomarker testing and clinical health consulting for earlier disease detection and targeted disease management, resulting in improved patient outcomes and reduced costs. HDL, Inc.’s novel, systematic approach identifies the various underlying factors contributing to disease progression, providing a basis for targeted treatment. This allows healthcare professionals to provide the most effective, appropriate care for their patients, and empowers individuals to take steps to improve their health. In addition to lab testing, HDL, Inc. offers patients a personalized overview of their lab results and intensive counseling from expert Clinical Health Consultants to promote healthier lifestyles. HDL, Inc. is a CLIA-certified, CAP-accredited laboratory. For more information, visit www.hdlabinc.com. Follow us atFacebook.com/myhdl and on Twitter @hdltweets.
MEDIA CONTACT: Doug Sbertoli at dsbertoli@hdlabinc.com or (804) 343-2718 ext. 1635.
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