CANCER DRUG CO. TURNS TO BANKRUPTCY LAWYER

Cancer drug Co. turns to bankruptcy lawyer. Cancer is a disease that has struck many families. It is one of the leading causes of death. Not only in the Unites States, but all over the world. Doctors have been fighting this disease for a very long time. Researches are working long hours to stop this killer. As often happens in life, money comes into play. A company that develops cancer drugs has run into money problems. The company has done what many have had to do. Not only businesses. Individuals too. The company has turned to a bankruptcy lawyer to save the company. In order to survive, the company had to file bankruptcy. Dendreon filed for Chapter 11 bankruptcy protection. The company has been fighting one of the worst types of cancer. Prostate cancer. Bankruptcy attorneys are there to help them keep up the important work. The Chapter 11 bankruptcy’s goal is to lead to a sale of the company or allow one of its lenders to take over the company. The company is based in Seattle. It owes creditors $664 million. With only $364.6 million in assets. The big product the company makes is Provenge. Provenge is used to treat prostate cancer.  The bankruptcy attorney will be the key to make certain the delivery of this important treatment keeps flowing. Doctors and patients all over the world are depending on it. The company has enough cash to support all operations during the bankruptcy case. Agreements have already been reached with investors holding about 84 percent of the debt. The deals will help the company restructure the debt. The goal of the bankruptcy lawyer is to sell the company to someone that will continue to produce Provenge. If no buyers step forward, the lenders will take over the company. The money problems stem from Provenge sales not meeting expectations. The company ran up debt to run up capacity to produce the expected demand. The demand is there, but not what was expected. That forced the company to retain the counsel of an experienced bankruptcy attorney. The stakes are high. The drug the company produces saves lives. Thanks to filing bankruptcy, the hopes are the production will not stop. A fresh start, all thanks to the help of a bankruptcy lawyer.