Hemosol sells tax losses to MDS for $16 million

Hemosol Inc has once again sidestepped insolvency through a complex agreement with MDS Inc that will see the Toronto-based firm receive $16 million for the sale of accumulated tax losses and other tax assets. The agreement — subject to approval by the Ontario courts and shareholder consideration — will see the creation of Hemosol Corp and the renaming of Hemosol Inc to Opco. MDS, which currently holds 12% of Hemosol Inc shares will own 99.5% of Opco shares. Opco, in turn, will own 7% of Hemosol Corp with the latter being the successor to