Angiotech Pharmaceutical's plan of arrangement is approved under the Companies' Creditors Arrangement Act

On April 6, 2011, the Supreme Court of British Columbia approved of Angiotech Pharmaceuticals Inc's plan of arrangement under the Companies' Creditors Arrangement Act (the CCAA), one day after its creditors unanimously approved it. Angiotech and certain subsidiaries were subject to an application before the Supreme Court of British Columbia pursuant to the CCAA, R.S.C. 1985 c. C-36 as amended. The British Columbia Court made an Initial Order on January 28, 2011, granting the Petitioners the protections afforded by a stay of proceedings, while Angiotech pursued the implementation of a recapitalization transaction and other operational restructuring initiatives under the CCAA. The Initial Order appointed Alvarez & Marsal Canada Inc. as Monitor of the business and financial affairs of the Petitioners in the CCAA proceedings. A team from Fasken Martineau, led by John Grieve and including Kibben Jackson, Stuart Brotman, Brent Lewis, Conor O'Neill and Danielle Toigo, acted for Alvarez & Marsal in the CCAA Proceedings.