Hemosol interim assets receiver appointed; C$2 million interim financing approved

By Caroline Salls

Pittsburgh, Dec. 7 - Hemosol Corp. said PricewaterhouseCoopers Inc. was appointed interim receiver of the assets of Hemosol and its affiliate Hemosol LP on Monday by the Ontario Superior Court of Justice.

The receiver was also authorized to use up to C$2 million in interim financing from its secured creditors.

Under the terms of the interim receiver order, the receiver is mandated to market the assets and the business of Hemosol and Hemosol LP, and is required to retain the services of an investment banker by Friday, as well as the services of a real estate agent no later than Dec. 23, with a view to listing for sale the real property owned by Hemosol LP no later than Jan. 6.

The real estate listing will run concurrently with the receiver's marketing of Hemosol's business as a whole.

The receiver will also distribute information packages relating to the business and the assets to potential investors or purchasers during December and January.

Binding expressions of interest must be received by no later than Feb. 3.

Hemosol, a Toronto biopharmaceutical company, filed for bankruptcy on Dec. 2.

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