Medtech firm Surgalign files for Chapter 11 bankruptcy

(Reuters) – Beleagured U.S. medical technology company Surgalign Holdings filed for a voluntary Chapter 11 bankruptcy on Monday.

Surgalign filed for the bankruptcy with estimated assets and liabilities in the range of $50 million to $100 million in the Bankruptcy Court for the Southern District of Texas.

The Deerfield, Illinois-based company said in March that it had reduced its workforce by about 20% and cut non-essential spending, and realigned resources.

In November last year, the company approved a corporate restructuring plan, which included discontinuing some of its lower-performing units as well as intending to continue its brand and product rationalization programs.