Hemosol enters plan sponsorship agreement with interested buyer

By Caroline Salls

Pittsburgh, June 2 - Hemosol Corp. entered into a plan sponsorship agreement with the party that had expressed an interest in acquiring all of Hemosol's business and with whom receiver PricewaterhouseCoopers Inc. had been engaged in discussions over the past weeks, according to a company news release.

The agreement is subject to approval by the Superior Court of Justice of Ontario.

Under the agreement, the plan sponsor would acquire all of Hemosol's business through either a plan of arrangement under the Companies' Creditors Arrangement Act, a plan of arrangement of the share capital of Hemosol Corp. under the Business Corporations Act (Ontario), a purchase of the assets of Hemosol, or a combination of a plan and asset sale.

According to the release, the agreement is expected to be complete in early August.

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

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