Savient Creditors Lose Bid To Block Debt Exchange

Law360, Wilmington (May 8, 2012, 2:57 PM EDT) -- A Delaware judge cleared Savient Pharmaceuticals Inc. to refinance its debt on Monday, rejecting an attempt by the drugmaker's largest creditor to halt the deal over allegations of mismanagement and insolvency.

According to papers filed in Delaware Chancery Court, Vice Chancellor Sam Glasscock denied Tang Capital Partners LP's request for a temporary restraining order against the debt exchange, which will raise $44 million in cash and stretch the maturity of half of Savient's $259 million in debt by 15 months.

San Diego-based Tang Capital, which holds...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.