London, England-based Babylon Health, a provider of telehealth services, has announced that it has closed its Austin, Texas-based U.S. operations after a failure to effect a rescue merger that would have taken the company private.
The closure impacted 94 employees.
According to a statement filed with the SEC, "In order to explore these opportunities for a Third Party Sale and enable business continuity, Babylon is in discussions with potential strategic partners to secure additional funding. Babylon cannot provide assurance that it will be able to secure sufficient liquidity to fund the operations of the Group’s businesses. To the extent that Babylon is unable to secure additional financing and complete a Third Party Sale of a particular business, the applicable entities of the Group will file for bankruptcy protection or implement other alternatives for an orderly wind down and liquidation or dissolution, which may include commencing Chapter 7 proceedings under the U.S. Bankruptcy Code and/or a UK administration for the applicable entities of the Group in the near term."
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