Apr 5 2011
Angiotech Pharmaceuticals, Inc. ("Angiotech" or the "Company") today announced that the affected creditors of Angiotech and certain of its subsidiaries (collectively, the "Angiotech Entities") have unanimously approved the Second Amended and Restated Plan of Compromise or Arrangement (as amended from time to time, the "Amended Plan") concerning, affecting and involving the Angiotech Entities pursuant to the Companies' Creditors Arrangement Act (Canada).
The Angiotech Entities are scheduled to seek an order of the Supreme Court of British Columbia (the "Court") sanctioning the Amended Plan on April 6, 2011. Should the Court approve the Amended Plan, the Angiotech Entities will proceed with the implementation of the Amended Plan following the satisfaction or waiver of all conditions precedent.
At the meeting of affected creditors today, Alvarez & Marsal Canada Inc. (the "Monitor"), in its capacity as the Court-appointed monitor, reported that 100% of the votes registered by the Angiotech Entities' affected creditors were in favour of the Amended Plan.
To be accepted, the Amended Plan required approval by a majority in number representing at least two-thirds of the total value of the affected creditors' voting claims.
Source:
Angiotech Pharmaceuticals, Inc.
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