[Source: Phoenix Business Journal, Angela Gonzales] – Zila Inc.’s worsening financial situation might force the company to file for Chapter 11 bankruptcy, despite a number of cost-saving measures, according to financial statements filed March 17.
Despite cost-reduction strategies, the company’s revenue and cash continue to decline, according to its quarterly filing with the U.S. Securities and Exchange Commission.
Scottsdale-based Zila’s cash and cash equivalents dropped to $2.5 million as of Jan. 31, compared with $3.2 million on Oct. 31 and $4.5 million on July 31.
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