Biovest files for bankruptcy

Biovest International Inc. returned to bankruptcy court. The Tampa drug development company filed a petition for protection under Chapter 11 of the bankruptcy code, a statement said. Biovest (OTCQB: BVTI) also filed a plan of reorganization that would eliminate $44 million in senior secured debt held by Laurus/Valens Funds and Corp Real LLC. The plan would provide up to $5.6 million in new operating funding from Biovest’s senior secured lenders. The plan proposes that the $44 million of Biovest’s senior secured debt, which includes the new funding, would be converted into common stock. READ MORE AT: http://www.bizjournals.com/tampabay/news/2013/03/07/biovest-files-for-bankruptcy.html