Bostwick Laboratories Files For Bankruptcy Protection; Plans To Sell Business For $5.4 Million

3/16/17

By Katie Demeria, Richmond Times-Dispatch

Bostwick Laboratories filed for Chapter 11 bankruptcy reorganization on Wednesday, two days after telling employees of its intentions to sell its business and assets through a court-supervised auction.

Once one of the Richmond region’s fastest-growing companies, Bostwick Laboratories has estimated assets of between $1 million and $10 million and liabilities between $50 million and $100 million, according to the filing.

It also listed between 200 and 999 creditors.

In the letter to employees on Monday, Bostwick Laboratories executives said the company had accepted a bid from Memphis, Tenn.-based Poplar Healthcare, which has since become the stalking-horse bidder in the bankruptcy sale process.

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