Angiotech Pharmaceuticals Inc. (OTC:ANPI) reached extension agreements with the holders of its 7.75 percent senior subordinated notes and senior floating rate notes due 2013 for the debt’s recapitalization, according to a filing with the Securities & Exchange Commission.
NMT Medical Inc. (PINK:NMTI) began liquidating its assets in an attempt to repay its creditors.
Officials at the Boston, Mass.-based company said it entered into an Assignment for the Benefit of Creditors, effective immediately. The legal maneuver is an alternative to formal bankruptcy that transfers all of NMT’s assets to a designated party, which can then liquidate assets and distribute the proceeds to creditors.
Elemé Medical Inc. lost nearly $40 million in three years trying to develop and commercialize its SmoothShapes laser cellulite-removal system, which brought in less than $8 million in sales once it hit the market.
A federal judge in Delaware rubber-stamped Angiotech Pharmaceutical’s (OTC:ANPI) bankruptcy plan, writing that it’s the best deal possible and serves the interest of "international comity."
The settlement, already approved by the Supreme Court of British Columbia, is aimed at eliminating $250 million in debt under Canada’s Companies’ Creditors Arrangement Act. It will largely wipe out the company’s existing shareholders, apart from a group connected with its 2006 acquisition of Quill Medical Inc.
ReGen Biologics Inc. (PINK:RGBO) filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the District of Delaware.
The Supreme Court of British Columbia accepted a “plan of compromise” between bankrupt Angiotech Pharmaceuticals Inc. (OTC:ANPI) and its creditors.