Northfield Labs files for bankruptcy

USA-based Northfield Laboratories has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court  for the District of Delaware.

The filing was made to facilitate the company's previously-announced  plan to wind down its business operations and carry out an orderly  disposition of its assets. The decision to file was made after an  exhaustive review of alternative options and is seen as the most  favorable means for the firm to continue its wind-down process and  liquidate its remaining assets for the benefit of its creditors and  other interested parties.

The company expects to file with the bankruptcy court a liquidating plan  and related disclosure statement. Northfield says that it will seek  approval of the Plan as expeditiously as practicable pursuant to  relevant notice requirements, the Bankruptcy Code and applicable law and  procedures.