VANCOUVER, May 12 /PRNewswire-FirstCall/ - Angiotech Pharmaceuticals, Inc. ("Angiotech" or the "Company") announced today that, together with certain of its Canadian and United States subsidiaries (collectively, the "Angiotech Entities"), it has successfully implemented the second amended and restated plan of compromise or arrangement (as amended, the "Amended Plan") under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") as previously approved by the Supreme Court of British Columbia on April 6, 2011. Consequently, the US$250 million 7.75% senior subordinated notes due 2014 (the "Subordinated Notes") have been cancelled and eliminated in exchange for the issuance of new common shares of Angiotech to the holders of such Subordinated Notes. With the conclusion of this transaction, Angiotech has substantially reduced its long-term debt obligations and strengthened its balance sheet and liquidity outlook. In addition, in connection with the implementation of the Amended Plan, the following individuals have been appointed as the new board of directors of the Company: William Hunter, Omar Vaishnavi, Donald Casey, Jeffrey Goldberg, Bradley Karro, and Kurt Cellar. Thomas Bailey, Chief Financial Officer of Angiotech said, "We are pleased to have successfully completed our recapitalization transaction, and to have finally achieved our long-term debt reduction goals. The conclusion of this process will strengthen our company's financial outlook and competitive position." Dr. William Hunter, President and CEO of Angiotech said, "We would like to offer our sincerest thanks to our employees, customers, suppliers, lenders and other various stakeholders who strongly supported our Company throughout this process, allowing us to continue our business initiatives as usual and thereby provided us with a solid foundation for the future." The Company also announced today that it has completed its offer (the "Exchange Offer") to exchange new senior secured floating rate notes due 2013 for all of its outstanding Senior Floating Rate Notes due 2013 (the "Existing Floating Rate Notes"). The Exchange Offer expired at 12:00 a.m., New York City time, on May 12, 2011. A total of $324,975,000 aggregate principal amount of the Existing Floating Rate Notes were validly tendered and accepted for exchange by the Company. The Existing Floating Rate Notes that were validly tendered and accepted for exchange by the Company constitute 99.99% of the outstanding aggregate principal amount of the Existing Floating Rate Notes.