GAITHERSBURG, Md., Dec. 14, 2015 (GLOBE NEWSWIRE) -- Nuo Therapeutics, Inc. (OTCQX:NUOT), today announced that it has engaged Winter Harbor LLC to assist the company in its financial restructuring process. In connection with the engagement, Mr. Shaun Martin, a principal at Winter Harbor, has been appointed Chief Restructuring Officer of Nuo effective December 15, 2015, and will report directly to its Board of Directors. On December 4, 2015, Nuo entered into a limited consent with Deerfield Management L.P., and certain of its affiliates, which required Nuo to engage a Chief Restructuring Officer.
Mr. Martin is a co-founder of Winter Harbor LLC and is an experienced corporate restructuring and reorganization specialist who, for more than 20 years, has held executive officer positions within industry and advised Boards, management teams and creditors of financially and operationally distressed companies. He has managed all aspects of the financial restructuring process, including developing business plans, performing valuations, raising replacement capital, asset dispositions and structuring and negotiating plans of reorganization.
About Nuo Therapeutics
Nuo Therapeutics, Inc. (the "Company" or “Nuo”) is a biomedical company that pioneers leading-edge biodynamic therapies for wound care. The Company's flagship product, Aurix is a biodynamic hematogel that harnesses a patient's innate regenerative abilities for the management of a variety of wounds. For additional information please visit www.nuot.com.
About Winter Harbor LLC
Winter Harbor LLC, headquartered in Boston MA, is a nationally recognized turn around management firm focused on serving clients in multiple industries during times of transition.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “the facts suggest,” “will be,” “will continue,” “will likely result” or, in each case, their negative, or words or expressions of similar meaning.
These forward-looking statements include, but are not limited to, uncertainties regarding our ability to successfully implement our financial restructuring plans and process; our inability to comply with requirements imposed upon us by certain financing agreements, including from Deerfield Management Company, L.P., or Deerfield; that Deerfield will agree to restructure or further modify our existing credit facility; our ability to maintain a Chief Restructuring Officer through December 17, 2015 or thereafter, as needed; whether the lenders under the Deerfield credit facility may declare an event of default under the agreement and foreclose on our assets; and other risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission, including our most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements, and our business, results of operations, financial condition and cash flows may be materially and adversely affected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Except to the extent required by applicable law or rules, the Company undertakes no obligation and does not intend to update, revise or otherwise publicly release any revisions to its forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events.
Source:Nuo Therapeutics, Inc.