Newly Bankrupt Angiotech Ends Merger Fight For $6M

Law360, New York (January 28, 2011, 4:31 PM EST) -- Angiotech Pharmaceuticals Inc. on Friday announced plans to slash $250 million in debt through bankruptcy, at the same time saying it had agreed to a $6 million deal with former Quill Medical Inc. shareholders alleging the drugmaker violated a merger agreement.

In a statement Friday, the Vancouver, British Columbia-based company said its board of directors had authorized the voluntary bankruptcy filing under Canada's Companies' Creditors Arrangement Act, a move that will eliminate $250 million in 7.75 percent senior subordinated notes under a proposed recapitalization deal....
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