Savient Denies Default In Countersuit Against Creditor

Law360, Wilmington (June 11, 2012, 4:17 PM EDT) -- Savient Pharmaceuticals Inc. countersued Tang Capital Partners LP, its largest creditor, in Delaware state court on Monday, alleging the investment fund is falsely claiming that the drugmaker has defaulted on its debt.

On April 30, San Diego-based Tang Capital filed suit in Delaware Chancery Court seeking a receiver to liquidate Savient's assets. The disgruntled creditor — which holds $39 million in Savient notes — alleges Savient management is burning through cash at an alarming rate and refuses to accept that the company cannot be salvaged after...
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