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BIOPLASTY, INC. FILES FOR PROTECTION UNDER CHAPTER 11 OF THE U.S. BANKRUPTCY CODE

 MINNEAPOLIS, April 29 /PRNewswire/ -- Bioplasty, Inc. announces that on April 29, 1993, petitions for bankruptcy protection and reorganization under Chapter 11 of the Federal Bankruptcy Code were filed by Bioplasty, Inc., and certain of its subsidiaries. Management stated the filing is necessary primarily as a result of the legal fees and costs associated with mammary prostheses product liability suits. Although management and the board of directors have spent considerable time and have made progress in a financial and operational restructuring of the companies, it has been concluded that the formal reorganization filings are in the best interest of all parties.
 Pursuant to the Bankruptcy Code, management intends to file a plan of reorganization within 120 days.
 -0- 4/29/93
 /CONTACT: Daniel G. Holman, president and CEO of Bioplasty, 612-378-1180/


CO: Bioplasty, Inc. ST: Minnesota IN: MTC SU:

KH -- MN013 -- 2775 04/29/93 15:01 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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