Visiphor ceases operations after creditor disposes of all assets

By Devika Patel

Knoxville, Tenn., March 16 - Visiphor Corp. announced that Quorum Secured Equity Trust and Quorum Investment Pool Ltd. Partnership have acquired and disposed of all of the company's assets.

As a result, Visiphor has laid off all staff and ceased business operations. Chief financial officer Sunil Amin has also tendered his resignation, effective immediately

The sale only settles a portion of the company's obligations to the secured creditors. Visiphor still owes $4 million to the secured creditors and $1.7 million to its unsecured creditors.

The company has not declared bankruptcy and retains significant tax losses carried forward.

It said its board is cooperating with creditors and will investigate a possible tax loss sale.

As previously reported, Quorum sent the company demands for payment and notices of intention to enforce security in November.

Vancouver, B.C.-based Visiphor develops software for business-process and database management.

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