UPDATE 1-Haemacure gets Canada court OK to sell assets

Mon Mar 22, 2010 7:55am EDT

* Receives authorization to sell assets to Angiotech Pharma

* Gets second extension to April 19 on proposal to creditors

March 22 (Reuters) - Haemacure Corp HAEFQ.PK said it received permission from the Superior Court of the Province of Quebec to sell its assets to Angiotech Pharmaceuticals Inc ANP.TO, a secured creditor of Haemacure.

The Canada-based biotherapeutic company said the United States Bankruptcy Court had previously authorized the sale to Angiotech of the assets of Haemacure's U.S. subsidiary.

Haemacure also said it obtained a second extension, until April 19, within which to make a proposal to its creditors.

The extension will also allow Haemacure and Angiotech to complete the documentation required for the closing of the asset-sale transactions in Canada and the United States. The closings are expected to be held prior to the new expiry date of April 19. (Reporting by Isheeta Sanghi in Bangalore; Editing by Mike Miller) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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