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

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor