Angiotech commences CCAA proceedings to implement pre-packaged financial restructuring

Angiotech Pharmaceuticals, Inc. (TSX: ANP) ("Angiotech " or the "Company") today announced that, further to its news release issued earlier today, the Company and certain of its subsidiaries have voluntarily commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") in order to continue implementation of its previously announced recapitalization transaction, having obtained an Initial Order from the Supreme Court of British Columbia (the "Court") today. 

As discussed in Angiotech's news release earlier today, the CCAA proceedings were undertaken in order to implement a pre-packaged financial restructuring supported by holders of over 84% of the aggregate principal amount of outstanding Subordinated Notes (the "Consenting Noteholders").  Angiotech is currently negotiating the terms of a plan of compromise or arrangement in respect of the claims of holders of the Subordinated Notes and certain other creditors (the "Plan"), which will be filed with the Court.

The CCAA filing applies to Angiotech, 0741693 B.C. Ltd., Angiotech International Holdings, Corp., Angiotech Pharmaceuticals (US), Inc., American Medical Instruments Holdings, Inc., NeuColl, Inc., Angiotech BioCoatings Corp., Afmedica, Inc., Quill Medical, Inc., Angiotech America, Inc., Angiotech Florida Holdings, Inc., B.G. Sulzle, Inc., Surgical Specialties Corporation, Angiotech Delaware, Inc., Medical Device Technologies, Inc., Manan Medical Products, Inc. and Surgical Specialties Puerto Rico, Inc. (collectively, the "Angiotech Entities").