Angiotech Seeks US Approval Of Canada Restructuring

Law360, New York (March 21, 2011, 7:31 PM EDT) -- Angiotech Pharmaceuticals Inc. on Monday asked the Delaware judge overseeing its U.S. bankruptcy proceedings to sign off on a restructuring agreement negotiated in Canada's high court, saying the plan has met with widespread support but needs U.S. backing.

The Supreme Court of British Columbia had already approved a plan to slash $250 million in debt under Canada's Companies' Creditors Arrangement Act, and creditors are expected to approve the plan by vote in early April, Angiotech said in a motion in the U.S. Bankruptcy Court for the...
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