Court sanctions Angiotech's restated CCAA restructuring plan

Angiotech Pharmaceuticals Inc. says the Supreme Court of British Columbia has

approved the Vancouver medical devices company's second amended restructuring plan

under the Companies' Creditors Arrangement Act (Canada).

Angiotech said Thursday it plans to implement the debt restructuring plan by the end

of the month, a move that would eliminate $250 million of long-term debt.

Angiotech makes medical devices including the Taxus drug-coated stent used in heart

surgery to prop open coronary arteries and the Quill wound-closure device.

Taxus was a huge success for Angiotech and partner Boston Scientific until concerns

emerged that drug-coated stents carry a higher risk of rare instances of potentially

fatal blood clots.

The company has had difficulty recovering after a voluntary recall issued in 2004,

when Health Canada said the stent could cause the need for coronary artery bypass

graft, surgery and could lead to death.

Angiotech has also faced lawsuits and a business dispute with a partner and saw its

stock delisted from the Toronto Stock Exchange last month.