NEW YORK (GenomeWeb News) – Vermillion today said that its unsecured creditors have "overwhelmingly accepted" its First Amended Chapter 11 Plan of Reorganization.
Approval of the plan clears the way for the Fremont, Calif.-based molecular diagnostics firm to proceed to a confirmation hearing for the plan before the US Bankruptcy Court for the District of Delaware. That confirmation hearing is scheduled for tomorrow, Jan. 7.
Vermillion filed for Chapter 11 bankruptcy protection on March 30, 2009, but stayed in business as it sought US Food and Drug Administration clearance for its OVA1 ovarian tumor triage diagnostic test, which the firm received in September.
The firm subsequently filed its plan of reorganization and disclosure statement with the US Bankruptcy Court in November.