BusinessBusiness RecoveryAndersen appointed to Bioglan insolvency

Andersen appointed to Bioglan insolvency

Andersen has been appointed administrator to pharmaceutical company Bioglan, in what could be seen as a sign of support from the banks and the courts.

Partners David Duggins and Ian Best were appointed to the administration of Bioglan and separately to the receivership of its subsidiary Bioglan Laboratories Limited following a petition from the banks.

The Bioglan lenders are led by the Royal Bank of Scotland and Barclay’s.

Andersen administrators will continue to trade the business while they consider the future of the company, which may include selling it as a going concern.

Bioglan went into administration on Wednesday after takeover rescue talks with California-based ICN Pharmaceuticals failed and after it was unable to agree on a new debt restructuring plan with the banks.

Bioglan has been in dire financial straits since last year when it failed to acquire the dermatology portfolio of US competitor Myers Squibb.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor