SeraCare's plan approved by 99.93% of equity interest holders

By Caroline Salls

Pittsburgh, Feb. 9 - SeraCare Life Sciences, Inc.'s plan of reorganization was accepted by 99.93% of voting equity interest holders, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of California.

In addition, holders of the company's common stock exercised 3.53 million subscription rights, or a total of $16.77 million.

As a result, the backstop buyer will purchase 719,115 subscription rights, or a total of $3.42 million in rights.

The plan confirmation hearing is scheduled for Thursday.

SeraCare, an Oceanside, Calif., manufacturer and provider of biological products and services to diagnostic, therapeutic, drug discovery and research organizations, filed for bankruptcy on March 22, 2006. Its Chapter 11 case number is 06-00510.

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