Sierra-Rockies to Merge With Colorado Company
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Sierra-Rockies Corp. of Calabasas has entered into a letter of intent to merge with Quartz Medical Inc., a Louisville, Colo.-based company.
Under the terms of the agreement, Sierra-Rockies must reorganize in a Chapter 11 proceeding.
An unnamed investor group will lend the company an estimated $500,000 to support the proposed reorganization.
The funds would be used for ongoing operations, and current creditors would become shareholders.
The new company would be controlled and managed by Quartz Medical, a manufacturer of medical devices.
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