As previously announced on October 1, 2010, Angiotech determined, in connection with discussions with the Subordinated Noteholders, that it would not make interest payments totaling approximately $9.7 million due to holders of Angiotech's 7.75% Senior Subordinated Notes on October 1, 2010. As described in Angiotech's press release on October 29, 2010, Angiotech has reached an agreement with the Subordinated Noteholders on the material terms of a recapitalization transaction. Upon implementation, the proposed recapitalization transaction is expected to eliminate $250 million in total indebtedness and provide significant improvements to Angiotech's credit ratios, liquidity and financial flexibility.
Angiotech has not made any determination as to whether the Non-Public Information disclosed pursuant to the Confidentiality Agreements may be deemed material to existing or potential investors in making an investment decision or for any other purpose.
Angiotech does not, as a matter of course, publish its business plans, budgets or strategies or make publicly available projections or forecasts of its anticipated financial position, results of operations, capital expenditures or capital requirements. The Non-Public Information provided to the Subordinated Noteholders was not prepared for public disclosure and is included in this press release only because such information was made available to the Subordinated Noteholders. Subject to applicable securities law, Angiotech does not intend to or anticipate that it will, and disclaims any obligation to, furnish updated business plans, budgets, strategies, projections or forecasts or similar forward looking information to holders of securitie
|SOURCE Angiotech Pharmaceuticals, Inc.|
Copyright©2010 PR Newswire.
All rights reserved