Alliance Pharmaceutical agrees with convertible holders on extending maturity

New York, March 23 - Alliance Pharmaceutical Corp. said it has reached agreement with a committee on extending the maturity date and restructuring its $10.476 million of senior convertible promissory notes.

The notes are currently due on March 24.

But the San Diego-based pharmaceutical company said that the agreement must be approved by all holders before it becomes effective.

Alliance said it intends to solicit the approval of the holders of the senior notes by April 15.

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