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Haemacure Corporation (HAE) Gets Canada Court OK to Sell Assets to Angiotech Pharmaceuticals, Inc. (ANPI)


3/22/2010 6:24:00 AM

MONTREAL, March 22 /PRNewswire/ - Haemacure Corporation (TSX:HAE.to - News) announces that it has obtained authorization from the Superior Court of the Province of Québec to sell its assets to Angiotech Pharmaceuticals, Inc., a secured creditor of Haemacure. The United States Bankruptcy Court previously authorized the sale to Angiotech of the assets of Haemacure's U.S. subsidiary.

The sale of the assets was concluded after a thorough bid-solicitation process carried out on behalf of Haemacure by PricewaterhouseCoopers Inc. in Canada and the United States, in the context of the notice of intention to make a proposal to its creditors filed by Haemacure on January 8, 2010 under the Bankruptcy and Insolvency Act (Canada).

Haemacure also obtained a second extension, until April 19, 2010, within which to make a proposal to its creditors. This extension will also allow Haemacure and Angiotech to complete the documentation required for the closing of the asset-sale transactions in Canada and the United States. The closings are expected to be held prior to the new expiry date of April 19, 2010.


Read at Reuters
Read at BioSpace.com


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