Angiotech Wins US Approval Of Canada Restructuring

Law360, New York (April 7, 2011, 4:29 PM EDT) -- Angiotech Pharmaceuticals Inc. on Thursday won U.S. approval of a restructuring agreement struck in a Canadian court, as a Delaware judge overseeing its bankruptcy proceedings cited a need for "international comity" and rubber-stamped the deal.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware said the plan to slash $250 million in debt under Canada's Companies' Creditors Arrangement Act would serve the best interest of the Angiotech's creditors and the general public. Angiotech filed for Chapter 15 protection in Delaware on Jan....
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