Since the September 22 announcement, Angiotech and its Board of Directors have been pursuing other financing alternatives to address the Company's working capital needs for its business initiatives, as well as to address potential liquidity issues that may arise relating to our current balance sheet structure.
On November 12, 2008, the API transaction was terminated. On November 21, 2008, we announced that we had engaged the Blackstone Group to assist us in exploring various alternatives for our business and capital structure, including, but not limited to, the secured senior secured financing facilities discussed above, assisting us in exploring various financial and strategic alternatives that could generate significant capital to facilitate our ability to refinance, reduce or eliminate our existing indebtedness, evaluating various restructuring alternatives to pursue with the holders of our Senior Floating Rate Notes due 2013 and our 7.75% Senior Subordinated Notes due 2014 and assisting us in evaluating proposals or potential proposals from various financial parties regarding a significant investment of capital.
Our cash inflows and the amounts of expenditures that will be necessary to execute our business plan are subject to numerous uncertainties, including but not limited to: changes in drug-eluting coronary stent markets, including the impact of new competitive entrants into such markets, and the sales achieved in such markets by our partner BSC, the timing and success of product sales and marketing initiatives and new product launches, the timing and success of our research, product development and cl
|SOURCE Angiotech Pharmaceuticals, Inc.|
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