SeraCare equityholders request appointment of official committee

By Caroline Salls

Pittsburgh, April 4 - SeraCare Life Sciences, Inc.'s ad hoc committee of equityholders requested appointment of an official committee of equityholders for the company's Chapter 11 case, saying there is "no question that there is a substantial likelihood of a meaningful distribution to equity holders," according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of California.

According to the motion, every method of valuation of SeraCare's assets and business shows that the company's estate includes significant equity for shareholders, and the company's Chapter 11 filing concedes that there is "enormous value available to shareholders."

The equityholders said the company listed its assets at more than $100 million when it filed for bankruptcy, with only $35 million of debt.

The ad hoc committee said the company also continues to hold at least $25 million of cash on hand and, unlike most companies in Chapter 11, is not experiencing operating losses.

A hearing is scheduled for April 13.

SeraCare, an Oceanside, Calif., manufacturer and provider of biological products and services to diagnostic, therapeutic, drug discovery and research organizations, filed for bankruptcy on March 22. Its Chapter 11 case number is 06-00510.

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