UPDATE 1-Angiotech announces deal with debt holders

* Angiotech reaches deal to exchange debt for stock

* Debt holders also agree to delay interest payments

NEW YORK, Oct 29 (BestGrowthStock) – Angiotech Pharmaceuticals
(ANP.TO: ) (ANPI.O: ) has come to a deal with its debt holders that
will reduce its total debt by $250 million.

The Vancouver-based company reached an agreement with
almost three quarters of its senior subordinated noteholders to
exchange the debt for new shares in the company, Angiotech said
on Friday.

The noteholders also agreed to allow the company to delay
paying $9.7 million of interest payments due on October 1 until
November 30.

The company also said it anticipates that its credit
facility with Wells Fargo (WFC.N: ) Capital Finance also will be
altered to provide the company with between $25 million and $35
million in liquidity once the transaction is completed.

Angiotech, a specialty pharmaceutical and medical device
maker, has been hit by declining sales of its Taxus coronary
stent systems [ID:N01184575].
(Reporting by Helen Kearney; editing by Carol Bishopric)

UPDATE 1-Angiotech announces deal with debt holders