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Angiotech Pharmaceuticals to file for Chapter 11

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Angiotech Pharmaceuticals Inc. (ANP-T) said it will file for bankruptcy protection under Canada's Companies' Creditors Arrangement Act to implement a recapitalization deal that will cut $250 million US of its debt.

All of the company's existing shareholders will be wiped out without any compensation under the proposed deal. The transaction is supported by noteholders representing more than 84 percent of the outstanding subordinated notes.

Angiotech has also lined up a $25 million debtor-in-possession (DIP) loan from Wells Fargo Capital Finance LLC to continue operations while under creditor protection.

Under the proposed plan, noteholders will exchange their subordinated notes for a share in 96 percent of the reorganized company's common stock.

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