Surgalign, a medtech firm, files for Chapter 11 bankruptcy protection

US-based medical technology company Surgalign Holdings has filed for voluntary Chapter 11 bankruptcy, seeking protection from its financial obligations.

The bankruptcy was filed in the Bankruptcy Court for the Southern District of Texas, with estimated assets and liabilities ranging between $50 million to $100 million.

Surgalign had previously implemented cost-cutting measures, including workforce reduction and expense reduction, as well as restructuring efforts to discontinue underperforming units and streamline its brand and product offerings.