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ATS liquidation

This article was originally published in The Gray Sheet

Executive Summary

Proposed liquidation plan for remaining Advanced Tissue Sciences assets is submitted to San Diego bankruptcy court for approval. A confirmation hearing is scheduled for March 19. ATS, which filed for Chapter 11 protection last October, sold its 50% interest in its Dermagraft tissue-engineered dermal replacement product to joint venture partner Smith & Nephew in November for $10 mil. in cash, including ATS facilities in La Jolla. In January, ATS sold its NouriCel nutrient solution products to SkinMedica for $5 mil. in cash and a $2 mil. promissory note...
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