Hemosol receiver granted OK to borrow up to $6 million for CCAA case, stay extension

By Caroline Salls

Pittsburgh, Nov. 15 - Hemosol Corp. interim assets, property and undertaking receiver PricewaterhouseCoopers Inc. obtained an increase in its borrowing powers for Hemosol's Companies' Creditors Arrangement Act case, according to a Wednesday news release.

PriceWaterhouse Coopers can now borrow up to $6 million in connection with Hemosol's CCAA proceedings.

The Ontario Superior Court of Justice also extended the stay of proceedings in Hemosol's case to Dec. 22.

In addition, the receiver advised the court of its intention to extend the date for conditions to be met under Hemosol's plan sponsorship agreement with 2092248 Ontario Inc. from the current Nov. 17 expiration date.

Hemosol, a Toronto biopharmaceutical company, filed for bankruptcy on Dec. 2, 2005 in the Ontario Superior Court of Justice.

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