Dade Behring's Recap Plans

For more than a year, Dade Behring has been wading through a financial morass that is likely to lead to bankruptcy, a sale of assets, or a reorganization of capital structure. As concerns mount about its long-term prospects, Dade Behring and its lenders are seeking to restructure the company's burdensome long-term debt. While stubborn lenders have been unwilling to accept less than a near-to-full return on their investment, several events this spring seem to be motivating them to be more flexible.

For more than a year, Dade Behring Inc. has been wading through a financial morass that is likely to lead to bankruptcy, a sale of assets, or a reorganization of its capital structure.

The nation's sixth largest diagnostics company, with revenues of $1.18 billion in 2000, is staggering under nearly $1.6 billion of debt. Angry bondholders have watched the value of their investments...

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