The tamap florida based company Biovest International Inc. has declared that it would be filing its proposed plan of reorganization and is on the path of ensued emergence from bankruptcy. It expects to be back on its feet by this summer and restart as a fully restructured company. It was filed with the U.S. Bankruptcy Court for the Middle District of Florida in Tampa.
A deal was made last month between Biovest and its largest creditor Laurus Master Fund Ltd to restructure the company’s debt. It has plans on paper for restructuring per-petition debt of about $30.2 million consisting of mostly short term obligations. These payments will be deferred till two years after Biovest emerges from chapter 11.
The president of Biovest foresees both Biovest and its parent company Accentia Biopharmaceuticals Inc to both emerge from Chapter 11 simultaneously. The work is being carried on restructuring Accentia’s reorganizational plans.