UPDATE 1-Molecular Insight Pharma files for Chapter 11

* Says bondholders reject Savitr Capital $45 mln proposal

* Expects to reach agreement with all creditors

* Says CEO, CFO resign

(Adds details)

Dec 10 (BestGrowthStock) – Molecular Insight Pharmaceuticals Inc
(MIPI.O: ) said it was forced to file for bankruptcy protection on
Friday after its bondholders rejected a $45 million rescue
package from Savitr Capital LLC.

The clinical stage biopharmaceutical company said Savitr
would buy 90 percent of the stock at 45 cents per share as part
of the financing proposal.

However, bondholders have not accepted the Savitr proposal.

“As a result, we are required to commence chapter 11
proceedings,” Chairman Joseph Limber said in a statement.

The company also said it expects to reach an agreement with
its creditors.
(Reporting by Abhinav Sharma in Bangalore; Editing by Mike
Nesbit)

UPDATE 1-Molecular Insight Pharma files for Chapter 11