SeraCare to get plan sponsor proposal from Gateway Capital Management

By Caroline Salls

Pittsburgh, Aug. 24 - SeraCare Life Sciences, Inc. was notified that Gateway Capital Management, LLC plans to submit a proposal to be a joint plan of reorganization sponsor, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of California.

Gateway said its plan is superior to one previously submitted by Allegiant Group.

Gateway said it would work with SeraCare, its official committee of unsecured creditors and other key constituencies to gain support for its proposal.

SeraCare, an Oceanside, Calif., manufacturer and provider of biological products and services to diagnostic, therapeutic, drug discovery and research organizations, filed for bankruptcy on March 22. Its Chapter 11 case number is 06-00510.

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