Angiotech files for bankruptcy protection under CCAA

The board of Angiotech Pharmaceuticals (TSX:ANP) has authorized the company and certain subsidiaries to voluntarily file under the Companies’ Creditors Arrangement Act (CCAA) in order to continue implementation of its previously announced recapitalization transaction. The proposed recapitalization would involve the elimination of Angiotech’s $250 million 7.75% senior subordinated notes and obligations in order to improve [...]

ConjuChem to restructure under CCAA protection

ConjuChem Biotechnologies (TSX:CJB) has been granted an initial order by the Superior Court of Quebec (commercial division) under the Companies’ Creditors Arrangement Act (Canada). The company also announced that Felix Baker has resigned as a director, adding that there is no disagreement between Mr. Baker and ConjuChem. In a statement, the company said that after [...]