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Judge Approves SeraCare Reorganization Plan

Law360 (February 16, 2007, 12:00 AM EST) -- A federal judge has approved bankrupt health company SeraCare Life Sciences Inc.’s Chapter 11 reorganization plan, in which shareholders will make a $20.2 million rights offering toward the health company’s bankruptcy exit.

Judge Louise DeCarl Adler confirmed the plan at a hearing on Feb. 15.

Led by hedge fund Harbinger Capital Partners, the shareholders would buy SeraCare’s bank debt, allowing the beleaguered company to secure the debt without paying default interest through June 2007.

In turn, SeraCare will pay off all of its debt, including settlements...
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