Struggling Savient Swipes Creditors' Bid To Appoint Receiver

Law360, Wilmington (June 8, 2012, 8:16 PM EDT) -- Savient Pharmaceuticals Inc. asked a Delaware judge on Friday to reject a bid by creditors to appoint a receiver for the struggling drugmaker, calling it a ploy to force bankruptcy even though Savient is not in default on its debt.

On May 1, San Diego-based Tang Capital Partners LP sued the drugmaker’s board in Delaware Chancery Court to get a receiver to liquidate the company's assets, and other creditors soon joined in the complaint. They allege Savient management is burning through cash at an alarming rate...
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