Sterling Biotech holders to vote on exchange at Nov. 20 meeting

By Jennifer Chiou

New York, Oct. 30 - Sterling Biotech Ltd. informed the Bombay Stock Exchange that holders of its original $250 million of zero-coupon convertible bonds due 2012 will decide on whether to pass an extraordinary resolution to approve, among other things, an exchange and substitution of the bonds for zero-coupon convertible bonds due 2018.

The meeting is scheduled for Nov. 20.

As announced at the end of May, holders previously passed an extraordinary resolution to suspend all litigations in India and the United Kingdom to enable a restructuring of the bonds.

The outstanding balance of the bonds is $134.5 million.

Sterling Biotech is a Mumbai-based manufacturer of pharmaceutical gelatin.

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