Court Authorizes Haemacure to Sell its Assets and Grants a Second Extension to Make a Proposal to its Creditors

TSX:HAE

MONTREAL, March 22 /PRNewswire/ - Haemacure Corporation (TSX:HAE) announces that it has obtained authorization from the Superior Court of the Province of Québec to sell its assets to Angiotech Pharmaceuticals, Inc., a secured creditor of Haemacure. The United States Bankruptcy Court previously authorized the sale to Angiotech of the assets of Haemacure's U.S. subsidiary.

The sale of the assets was concluded after a thorough bid-solicitation process carried out on behalf of Haemacure by PricewaterhouseCoopers Inc. in Canada and the United States, in the context of the notice of intention to make a proposal to its creditors filed by Haemacure on January 8, 2010 under the Bankruptcy and Insolvency Act (Canada).

Haemacure also obtained a second extension, until April 19, 2010, within which to make a proposal to its creditors. This 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, 2010.

SOURCE HAEMACURE CORPORATION