New Delaware Chapter 11 Filing – Prescription Advisory Systems & Technology, Inc.
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.
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