Biopure Files Voluntary Petition for Relief Under Chapter 11 of the United States Bankruptcy Code
17 7월 2009 - 6:00AM
PR Newswire (US)
CAMBRIDGE, Mass., July 16 /PRNewswire-FirstCall/ -- Biopure
Corporation (NASDAQ:BPUR) announced today that it has filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
District of Massachusetts. Biopure will continue to manage and
operate its businesses and assets during the pendency of the
bankruptcy case, subject to the supervision of the Bankruptcy
Court. In connection with the filing Biopure entered into an
agreement with OPK Biotech LLC for the sale of substantially all of
its assets. The sale is subject to customary closing conditions,
approval of the Bankruptcy Court and the conduct of a Bankruptcy
Court supervised auction process in which Biopure will seek
competing bids to achieve the highest price possible for its
assets. If the proposed OPK Biotech LLC transaction closes, Biopure
expects that there will be limited, if any, value for the common
stockholders in the bankruptcy liquidation process. Stockholders of
a company in Chapter 11 generally receive value only if all claims
of the company's secured and unsecured creditors are fully
satisfied. Biopure expects such claims will be largely satisfied if
the proposed OPK Biotech LLC transaction closes on the contemplated
schedule. Biopure Corporation Biopure Corporation develops and
markets pharmaceuticals, called oxygen therapeutics, that are
intravenously administered to deliver oxygen to the body's tissues.
Contact: Zaf Zafirelis Biopure Corporation (617) 234-6500
DATASOURCE: Biopure Corporation CONTACT: Zaf Zafirelis, Biopure
Corporation, +1-617-234-6500,
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