Cetero Gets Nod To Borrow $2.4M To Fund Ch. 11 Sale

Law360, Wilmington (March 27, 2012, 8:17 PM EDT) -- Cetero Research, a provider of clinical trial research for pharmaceutical companies, won approval in bankruptcy court Tuesday to borrow $2.4 million to fund operations as the North Carolina-based company preps to sell its assets to lenders.

Cetero, also known as Contract Research Solutions Inc., filed for court protection in Delaware on Monday, largely due to the business fallout from a U.S. Food and Drug Administration probe launched this summer that called into question the accuracy of studies performed at the company's Houston lab.

At a first...
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