SeraCare Modifies Chapter 11 Plan Amid Rival Bids

Law360, New York (September 21, 2006, 12:00 AM EDT) -- SeraCare Life Sciences Inc. has sought court approval to modify its Chapter 11 exit funding strategy, hoping that the changes will enable it to retain control over its bankruptcy case.

On Thursday, SeraCare revealed that it intends to issue $25 million in unsecured, rather than secured, notes to repay its senior secured debt as part of its revised plan.

Two weeks ago, the health care company lost exclusive control over its Chapter 11 case after a judge in the U.S. Bankruptcy Court in San Diego allowed...
To view the full article, register now.