Biovail CEO Tries To Muscle Back Into Bankruptcy Case

Law360, New York (November 17, 2006, 12:00 AM EST) -- Struggling to regain control over Hemosol Corp.’s restructuring, Biovail Corp. chairman Eugene Melnyk is purportedly preparing to challenge a private equity fund that unexpectedly wrested authority from him in the insolvent drug developer’s case.

On Wednesday, receiver PricewaterhouseCoopers indicated that Melnyk is reportedly preparing a motion to oppose Catalyst Capital Group Inc., the Toronto-based private equity fund manager that recently assumed Hemosol’s debt.

“The manner and timing of the implementation of the Hemosol restructuring depends heavily on the outcome of the…motion to be brought by [Mr....
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