Noteholders To Buy Metamorphix Assets For $6M

Law360, New York (March 9, 2011, 5:40 PM EST) -- A Delaware bankruptcy judge said Wednesday she would approve the sale of biotechnology company Metamorphix Inc.’s assets to noteholders for a $6 million credit bid.

Judge Mary F. Walrath said at a hearing in the U.S. Bankruptcy Court for the District of Delaware that she would sign off on the sale to Branhaven LLC, the collateral agent for noteholders owed $34 million, once the debtors submit a purchase agreement that reflects the resolution of various objections concerning the assumption and assignment of contracts.

Adam Hiller of...
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