We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Newly Bankrupt Angiotech Ends Merger Fight For $6M

Law360 (January 28, 2011, 4:31 PM EST) -- Angiotech Pharmaceuticals Inc. on Friday announced plans to slash $250 million in debt through bankruptcy, at the same time saying it had agreed to a $6 million deal with former Quill Medical Inc. shareholders alleging the drugmaker violated a merger agreement.

In a statement Friday, the Vancouver, British Columbia-based company said its board of directors had authorized the voluntary bankruptcy filing under Canada's Companies' Creditors Arrangement Act, a move that will eliminate $250 million in 7.75 percent senior subordinated notes under a proposed recapitalization deal....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.