Artes Medical may liquidate after filing for bankruptcy

San Diego

- Artes Medical plans to liquidate, after laying off more than 100 people last month and filing for Chapter 7 bankruptcy this week, SignOnSanDiego.com reports.

The company, which makes Artefill,said in it's bankruptcy papers that its assets will be insufficient to satisfy the claims of all creditors, and that shareholders will likely not receive anything.

The company says the bankruptcy was triggered when it was unable to negotiate a deal with its lender, but former employees and shareholders claim the company's mismanagement is to blame, according to SignOnSanDiego.