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.