AstraZeneca Affiliate Running Factory Cleanup Enters Ch. 11

Law360, New York (October 24, 2012, 2:47 PM EDT) -- An AstraZeneca PLC affiliate that planned to clean up and develop a contaminated factory near San Francisco filed for Chapter 11 bankruptcy in Delaware federal court Tuesday, saying it owes creditors at least $27 million.

Cherokee Simeon Venture I LLC, which said it owns over $10 million in assets, estimated that its liabilities amongst five unsecured creditors — including AstraZeneca subsidiary Zeneca Inc. — range between $27 million and $43 million, according to Tuesday's filing.

“It is desirable and in the best interests of the company,...
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