AstraZeneca Affiliate Wants Ch. 11 Nixed Due To Cost

Law360, Wilmington (March 8, 2013, 5:25 PM EST) -- An AstraZeneca PLC affiliate that owns a contaminated chemical manufacturing site near San Francisco asked a Delaware bankruptcy judge Friday to dismiss its Chapter 11 case, saying it can no longer afford to continue the process.

The emergency motion filed by Cherokee Simeon Venture I LLC, which purchased the property from Zeneca Inc., comes just days before the court was scheduled to hear a motion from CSV's secured creditor seeking to toss the case as a bad-faith filing.

CSV said it had hoped to use the...
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