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SeraCare Agrees To Shareholder's Chapter 11 Plan

Law360 (November 13, 2006, 12:00 AM EST) -- In a sudden turn of events, bankrupt health company SeraCare Life Sciences Inc. has cancelled its upcoming exit-financing auction in favor of a reorganization plan co-sponsored by its shareholders committee.

On Friday, the company asked the bankruptcy court to cancel the auction, originally scheduled for Thursday, which would have funded the company’s emergence through a rights offering.

SeraCare had recently won a motion to delay the auction 10 days while waiting on Allegiant, a group of investors that needed more time to complete due diligence for...
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