Daily News: March 26, 2012

Cetero Files Bankruptcy With Plan to Sell Assets, Obtains DIP Loan

Contract Research Solutions Inc., a pharmaceutical clinical-trial provider also known as Cetero Research, has filed for Chapter 11 protection in the U.S. Bankruptcy Court in the District of Delaware. The company said it plans to sell its assets to lenders after there was an investigation by federal regulators, a Bloomberg article said.

The company will sell its assets to lenders in exchange for secured debt. Cetero is in the process of obtaining a $15 million debtor-in-possession (DIP) financing from its first lien lenders including Freeport Financial, Bank of Montreal and others, court document said. Freeport will be the agent of the DIP financing.

Cetero, based in Cary, NC, listed $205 million in assets and $248 million in debt.

To read the Bloomberg article in its entirety, click here.