* Says to file for creditor protection in Canada
* Cites lack of funds to meet obligations
* Secures C$3 mln DIP financing
July 3 (Reuters) - Canada's Adaltis Inc, which is seeking to raise money to fund operations, said it will file for court protection from creditors, but said operations outside Canada are not part of the filing.
The company said its cash on hand would not allow it to meet its current obligations.
Adaltis said it has entered into a debtor-in-possession financing arrangement with Victoria Square Ventures Inc for up to C$3 million ($2.6 million).
The in-vitro diagnostic products company said it expects its normal operations to continue without interruption.
The application under the Companies' Creditors Arrangement Act (CCAA) will be heard by the Quebec Superior Court on Friday, Adaltis said.
($1=1.159 Canadian Dollar)
(Reporting by Krishna Chaithanya in Bangalore; Editing by Gopakumar Warrier) Keywords: ADALTIS/ (krishna.chaithanya@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:krishna.chaithanya.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Cites lack of funds to meet obligations
* Secures C$3 mln DIP financing
July 3 (Reuters) - Canada's Adaltis Inc, which is seeking to raise money to fund operations, said it will file for court protection from creditors, but said operations outside Canada are not part of the filing.
The company said its cash on hand would not allow it to meet its current obligations.
Adaltis said it has entered into a debtor-in-possession financing arrangement with Victoria Square Ventures Inc for up to C$3 million ($2.6 million).
The in-vitro diagnostic products company said it expects its normal operations to continue without interruption.
The application under the Companies' Creditors Arrangement Act (CCAA) will be heard by the Quebec Superior Court on Friday, Adaltis said.
($1=1.159 Canadian Dollar)
(Reporting by Krishna Chaithanya in Bangalore; Editing by Gopakumar Warrier) Keywords: ADALTIS/ (krishna.chaithanya@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:krishna.chaithanya.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.