Atlanta-based healthcare IT service firm files for bankruptcy

ATLANTA — MedAvant Healthcare Solutions (Nasdaq: PILL) filed for Chapter 11 bankruptcy on Wednesday and said it is seeking to sell its assets to Marlin Equity, a private equity firm.

MedAvant provides healthcare information technology and transaction services.

The firm also said it had secured $8.1 million in financing from Laurus Master Fund, including $2.9 million to finance continuing operations.

"During the past year, we have divested our non-core business lines in order to focus on our electronic data interchange business with the goal of improving our operating efficiencies," Peter Fleming, MedAvant’s interim chief executive officer, said in a statement. "Our objective now is to align our financial structure with our new business structure and bring in a partner to invest capital toward the growth of our company.

"We believe this financial assistance will enable us to move through this process as quickly as possible so we may resume our focus on building a new, stronger company," Fleming added.