Dade Behring Files for Chapter 11 Protection

Originally Published MX September/October 2002

BUSINESS NEWS

Dade Behring Files for Chapter 11 Protection

Richard Park

In vitro diagnostic manufacturer Dade Behring Inc. (Deerfield, IL) has finalized and implemented a debt restructuring plan through a prepackaged Chapter 11 filing.

In August, the company reached a debt-to-equity swap agreement with its banks, bondholders, and owners that will eliminate about half of its debt and provide its creditors with equity in the company. Officials said that Dade Behring took the action to free up its business operations for increased growth momentum and long-term financial health.

Although there are no layoffs planned as a result of the Chapter 11 filing, officials added that the composition of Dade Behring's board of directors will change due to the change in company ownership, and the company is in the process of selecting new directors.

The company does not expect the Chapter 11 filing to affect its ability to develop and release new products.

"We've committed to a substantial increase in R&D just this year, even while we're going through this process," says