JJdivini
16 años hace
AtheroGenics, Inc., (AGIXQ) Plan Confirmed...
June 10, 2009;
The U.S. Bankruptcy Court issued an order confirming AtheroGenics'Second Amended Plan, as modified. Pursuant to the Plan, all property of the Debtor and its estate, including cash, will vest automatically in the post-confirmation Debtor and the liquidating fund on the effective date, free and clear of all liens, claims, and interests and without the need for the execution or delivery of any instruments of assignment, for the express purpose of, among other things, allowing the liquidating agent to make distributions to holders of allowed claims pursuant to the terms and conditions of the Plan. Without limiting the foregoing, the post-confirmation Debtor will be vested with all of the Debtor's previously unsold remaining assets (including its causes of action), which will be administered, liquidated, prosecuted, settled and enforced under the direction and control of the liquidating agent. This research-based pharmaceutical company filed for Chapter 11 protection on October 15, 2008, listing total pre-petition assets of $103 million.
Arnold25764
16 años hace
Well here is your answer folks. It appears there will be nothing left for shareholders...IMO
AtheroGenics Provides Update on Bankruptcy Proceedings
No Proceeds From Liquidation Expected to Be Available for Shareholders
ATLANTA, GA--(MARKET WIRE)--Jan 22, 2009 -- AtheroGenics, Inc. (Other OTC:AGIXQ.PK - News), a pharmaceutical company focused on the treatment of chronic inflammatory diseases, today provided an update on its bankruptcy proceedings, during which it expects to sell the company and/or its key assets. The date to receive initial offers from potential purchasers of the Company's key assets has now passed and the Company and its financial advisor, Merriman Curhan Ford & Co., have concluded that the amount of the expected sale proceeds when combined with its cash on hand will be substantially less than the Company's outstanding liabilities. Therefore, the Company believes there will be no proceeds available for distribution to its shareholders. The Company cannot predict when the bankruptcy proceedings will be finalized.
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Disclosure Regarding Forward-Looking Statements
Statements contained in this press release that relate to events or developments that we expect or anticipate will occur in the future are deemed to be forward-looking statements, and can be identified by words such as "believes," "intends," "expects" and similar expressions. AtheroGenics cautions investors not to place undue reliance on the forward-looking statements contained in this release. In this press release, the Company predicts that the sale of the Company and/or its key assets will not exceed the liabilities owed to the Company's creditors, which would result in no proceeds ultimately being available for distribution to shareholders. This and other such statements are subject to certain factors, risks and uncertainties that may cause actual outcomes to differ materially from those referred to in such statements. The Company cannot predict with certainty the ultimate amount that will be realized from the liquidation of its assets. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
ddabetsmallwinbig
16 años hace
Interesting News....
01/16/2009 00:01:00 AM
AHC Media LLC
J.P. Morgan Healthcare Conference
SAN FRANCISCO - At the 27th annual J.P. Morgan Healthcare Conference, discussions from the crowded hallways to the private meetings rooms predicted that biotech is in for a year of consolidation, but that the industry will emerge leaner and stronger.
The consolidation is well under way, as evidenced by the bankruptcies of biotechs like Introgen Therapeutics Inc., MicroIslet Inc., AtheroGenics Inc. and several others - as well as by mergers and acquisitions proposed by Cephalon Inc. with Ception Inc. The Medicines Co. with Targanta Therapeutics Corp. and Endo Pharmaceuticals Holdings Inc. with Indevus Pharmaceuticals Inc.
http://www.hoovers.com/free/co/news/detail.xhtml?ID=100118&ArticleID=200901160001AMERHC__NEWS_____b565002a1e97a679_AH&source_type%5B%5D=