Isolagen U.S. trustee objects to company's plan of reorganization

By Jennifer Lanning Drey

Portland, Ore., Aug. 25 - Isolagen, Inc. acting U.S. trustee Roberta DeAngelis objected to the company's proposed plan of reorganization on the grounds that release provisions for a number of former entities and individuals included in the plan violate third circuit law, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The trustee said the released parties include a host of entities including former shareholders, directors, officers, employees, agents, advisers and company professionals.

The release is "overbroad in scope," she said.

A hearing on the plan is scheduled for Aug. 27.

Isolagen is based in Exton, Pa., and specializes in autologous cellular therapies for soft and hard tissue regeneration. The company filed for bankruptcy on June 15. Its Chapter 11 case number is 09-12072.

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