Block On CBC's Reorganization
Cambridge Biotech Corporation has announced that the First Circuit of Appeals has temporarily stayed the District Court's order upholding CBC's reorganization plan (Marketletter October 7). CBC said that the stay was issued for the sole purpose of maintaining the status quo pending review by the Court of Appeals.
Institut Pasteur and Pasteur Sanofi Diagnostics sought a stay from the Court of Appeals after the District Court denied Pasteur's request for a stay. CBC has filed an emergency motion with the Court of Appeals requesting that the temporary stay be lifted.
CBC filed for protection under Chapter 11 of the US Bankruptcy Code on July 7, 1994. The company is looking to reorganize and emerge as Aquila Biopharmaceuticals (Marketletters passim).
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