Waukesha-based Cardiac Science Corp., which manufacturers its automatic external defibrillators (AEDs) at a Deerfield facility in eastern Dane County, filed for Chapter 11 bankruptcy Tuesday amid controversy.
According to the Milwaukee Journal Sentinel, directors were removed, company leaders were escorted from their offices, and multiple legal actions were launched.
While the company and its 200 employees appear likely to survive the turmoil, the same can’t be said for its leadership team.
Cardiac Science’s primary lender, based in Singapore, began selling the loans late last month and a Los Angeles private equity firm purchased the debt.
That same day the private equity firm filed suit against Cardiac Sciences’ leaders, dismissed the company’s board and appointed new directors. Executives were led from their offices, and their company phones and email were disabled, according to court papers.
