Cetero Purchased By Creditors In $80M Stalking Horse Deal

Law360, Wilmington (May 17, 2012, 5:18 PM EDT) -- A Delaware bankruptcy judge on Thursday approved the sale of pharmaceutical testing company Cetero Research to its secured creditors in a stalking horse deal worth approximately $80 million.

U.S. Bankruptcy Judge Kevin J. Carey signed off on the purchase agreement following a morning hearing. An auction set for Tuesday had been canceled when no qualified bids apart from the stalking horse were presented by the May 11 deadline.

Cetero attorney Marc Carmel said the company was pleased with the agreement, as it provides stability and leaves...
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