Rockley Photonics, a wearable sensor company with high-profile partnerships with Apple and Medtronic, filed for Chapter 11 bankruptcy this week, after months of falling stock prices and mounting debts.

According to an 8-K filing (PDF) with the U.S. Securities and Exchange Commission on Tuesday, Rockley asked to be allowed to proceed as a “debtor in possession” in the bankruptcy petition filed in New York on Monday. This would allow the tech developer to continue operating normally.

Furthermore, Rockley stated in its SEC filing that it has devised a reorganization plan that aims to eliminate debt and restructure its capital makeup, actions that the company claims will add $35 million in cash to support its ongoing operations.