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30 Jan 2011

Canada's Angiotech to File for Bankruptcy

The Canada-based specialty pharmaceutical and medical device company Angiotech will file for voluntary bankruptcy protection.

Canada's Angiotech said on Friday that it will file for bankruptcy protection under Canada's Companies' Creditors Arrangement Act. The recapitalization move is expected to end with the elimination of Angiotech's $250 million in senior subordinated notes and obligations. Angiotech's current shareholders will be eliminated with no compensation.


The biotech, once one of Canada's most profitable, has also arranged for $25 million in debtor-in-possession loans from Wells Fargo. Angiotech has been on the rocks s

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