Koros USA Inc., a surgical instrument manufacturer headquartered on Flinn Avenue in Moorpark, filed for Chapter 11 bankruptcy protection on Monday, Oct. 12.
CEO and CFO Tibor Koros signed the voluntary petition, filed in the U.S. Bankruptcy Court for the Central District of California, as first reported by edhat. The filing allows the company to continue operating while it restructures its debts under court supervision.
Court records do not specify why the company sought bankruptcy protection, according to edhat's report.
The petition estimated both assets and liabilities between $1 million and $10 million and listed between one and 49 creditors. A separate financial summary included in the filing listed total assets of $2.86 million and total liabilities of $170,178, according to edhat's review of the court documents.
Named creditors with unsecured claims include American Express, BSI America, Visa Card Services, Spectrum, Aaron Stark and the Internal Revenue Service, according to edhat.
Some of those claims are linked to wage complaints, credit card payments, trade debts, utilities and a threatened lawsuit over a wage complaint. Some claims were listed as unknown, contingent, unliquidated or disputed. The filing stated that after administrative expenses are paid, funds will be available for distribution to unsecured creditors.
Koros USA, located at 610 Flinn Ave., designs and manufactures patented and trademarked surgical instruments for cardio, neuro, spine and orthopedic procedures. Its products include Osteopunch rongeurs, suction cannulas, surgical access systems and mini-thoracotomy retractors, according to What Now. The company also provides original equipment manufacturer services and custom modifications for other medical device businesses.
The firm supplies hospitals and surgery centers worldwide. Federal procurement records on HigherGov list Koros USA as a registered federal contract recipient under the surgical and medical instrument manufacturing category.
The company's LinkedIn page lists 11 to 50 employees and describes the firm as having more than 40 years of experience in the industry. Gabriel Koros and Tibor Koros hold ownership in the company, according to What Now's report of court records.
Attorney Michael Jay Berger of the Law Offices of Michael Jay Berger in Beverly Hills is representing Koros USA. The company is expected to continue operations during the restructuring process, with the case pending as 9:26-bk-11494-RC in the Central District of California.
