Molecular Insight hires CRT Investment Banking as financial adviser

By Caroline Salls

Pittsburgh, Jan. 6 - Molecular Insight Pharmaceuticals, Inc. received court approval to hire CRT Investment Banking LLC as its financial adviser, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

CRT had been serving as the company's financial adviser since Dec. 28, 2009, when it was hired in connection with a potential restructuring of Molecular Insight's debt.

The adviser's new responsibilities will include assessing the company's financial condition, determining a range of going-concern values, evaluating potential debt capacity, analyzing liquidity in light of cash-flow projections, evaluating debtor-in-possession financing and exit financing and developing a capital structure and recovery analysis.

CRT will also advise the company on plan negotiations and structure, help develop a three-year model to support valuations, advise on the terms of new securities to be offered under a plan and assist with the claims resolution and distribution process.

Molecular Insight, a Cambridge, Mass.-based clinical-stage biopharmaceutical company focused on molecular medicine, filed for bankruptcy on Dec. 9. The Chapter 11 case number is 10-23355.

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