Molecular Insight Pharmaceuticals Files for Bankruptcy Protection in Massachusetts


Molecular Insight Pharmaceuticals, Inc. (NASDAQ: MIPI), a "clinical-stage biopharmaceutical company and a pioneer in the emerging field of molecular medicine" headquartered in Cambridge, Massachusetts voluntarily filed for chapter 11 bankruptcy protection on December 9, 2010. The chapter 11 case is intended to be used as a vehicle for Savitr Capital LLC to invest $45 million in exchange for 90% of the common equity in the reorganized company. However, Savitr's investment is contingent upon MIPI successfully exchanging its $195 million in existing bond debt (including all PIK interest) with $90 million in new secured notes and the remaining 10% of the reorganized company's equity. The new investment is also conditioned upon completion of the restructuring no later than March 31, 2011.

Key court filings to date are listed in the attached document. For access to all major pleadings filed in this case, please visit

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Randall Reese, Restructuring Concepts LLC | Attorney Advertising

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