Daily News: October 24, 2014

Ultura Unit Files Chapter 11 to Sell Membrane Business

Bloomberg reported Ultura (Oceanside), a developer of water-treatment products, filed a Chapter 11 petition in Delaware to sell its membrane business to pre-bankruptcy lender UAC Finance in exchange for about $25 million of debt, absent a better bid at auction.

According to Bloomberg , court papers reveal an affiliate of venture capital investor True North Venture Partners, bought the existing senior secured debt from Hercules Technology Growth Capital in August; UAC will allow immediate use of cash representing collateral for its secured claims; if approved at a hearing.

To read the entire Bloomberg article, click here.