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Over the last 15 months DURA has accomplished a comprehensive business restructuring and is now financially poised for growth," said Timothy D.
has released its Synthecel dura repair, a biosynthesized dural replacement derived from cellulose for use in neurosurgery.
Denton is former chairman of the board and has been president and chief executive officer of DURA since January 2003.
Our significantly lowered debt load and strong balance sheet will allow DURA to increase engineering and globalization investments to further improve our value to the world's leading automakers.
About DURA Automotive Systems, LLC and Global Automotive Systems, LLC
Strategically, the acquisition of the rights for these products and the creation of a Dura Dermatology Division provides us with access to another specialty-focused market to leverage by acquiring additional products.
Dura supports these products with large and experienced hospital and primary care salesforces, numbering over 500 representatives.
We are pleased that we have accomplished our initial objectives to stabilize the company while entering Chapter 11," said Larry Denton, chairman and chief executive officer of DURA Automotive Systems.
Dura will continue to leverage its sales and marketing strengths within specialty-focused markets to both grow its existing products and to position Dura to aggressively pursue and acquire additional marketed products.
LONDON & NEW YORK -- Fitch has placed one tranche from one public collateralized debt obligation (CDO) and one tranche from a private CDO on Rating Watch Negative following Dura Automotive Corporation's (Dura) filing for protection under Chapter 11.
We look forward to the successful launch of Ocuflox(R) with Dura and the opportunity for Allergan and Dura to evaluate jointly our other products in development for potential promotion by Dura's superb sales organization.