Alvarez & Marsal Canada Inc. filed a Chapter 15 petition on behalf of Angiotech Pharmaceuticals, Inc., and its debtor-affiliates on Jan. 30, 2011, with the U.S. Bankruptcy Court for the District of Delaware, lead case number 11-10269.
Based in Vancouver, Canada, Angiotech Pharmaceuticals, Inc., is a pharmaceutical and medical device company. Angiotech discovers, develops and markets innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury.
At the time of filing, Angiotech Pharmaceuticals, Inc., listed total assets of $326,800,000 and total liabilities of $682,460,000.
Angiotech Pharmaceuticals, Inc., previously announced that its Board of Directors has authorized the Company and certain of its subsidiaries to voluntarily file under the Companies' Creditors Arrangement Act (CCAA) in order to continue implementation of its previously announced recapitalization transaction. The proposed recapitalization transaction is expected to conclude with the elimination of Angiotech's $250 million 7.75% Senior Subordinated Notes and obligations related thereto, thereby substantially improving the Company's liquidity, credit ratios and financial position.
As part of this process, Angiotech has reached an agreement with the holders of a majority of the outstanding Subordinated Notes to amend certain provisions contained in the previously announced Recapitalization Support Agreement dated October 29, 2010, and amended on November 29, 2010, December 15, 2010 and January 11, 2011. The Consenting Noteholders have previously agreed to exchange their Subordinated Notes for common stock in the Company. Qualifying holders of the Subordinated Notes participating in the Recapitalization Transaction would receive their pro rata share of up to 96% of the common stock of Angiotech issued and outstanding following the completion of the Recapitalization Transaction, subject to potential dilution.
For more information on Angiotech Pharmaceuticals and other troubled companies, see http://bankrupt.com/periodicals/tcp.html.
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