Cetero Gets Nod To Auction Assets In Ch. 11

Law360, Wilmington (April 13, 2012, 7:05 PM EDT) -- Bankrupt Cetero Research won court approval Friday in Delaware to auction off its assets, with secured lenders poised to take control of the beleaguered pharmaceutical testing company through an $80.3 million stalking horse bid.

At a court hearing, U.S. Bankruptcy Judge Kevin J. Carey signed off on bidding procedures for a May 15 auction. Bids for the Cary, N.C.-based company will be due May 11.

Prior to the hearing, Cetero resolved an objection from the official committee of unsecured creditors, according to Marc Carmel of Paul...
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