Dade Behring restructures debt:
This article was originally published in Clinica
Dade Behring is to reduce its debt by half by forming a debt-for-equity swap agreement with its banks, bondholders and owners under a voluntary pre-packaged Chapter 11 filing. The Deerfield, Illinois-based company said it is acting in order to "free up its strong underlying operations for increased growth momentum and long-term financial health". Dade says the filing will not affect its day-to-day operations. The company has also arranged for debtor-in-possession financing, with an initial commitment of $95m. Dade expects to emerge from the filing before the end of October 2002.
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