SeraCare Agrees To Shareholder's Chapter 11 Plan

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.