Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds / Pharmaceuticals, Biotechnology & Life Sciences

Savient Pharmaceuticals Plan Confirmed

The U.S. Bankruptcy Court confirmed Savient Pharmaceuticals’ First Amended Plan of Liquidation, pursuant to Chapter 11 of the Bankruptcy Code. According to documents filed with the Court, “The plan contemplates and is predicated upon entry of an order substantively consolidating the Debtors’ estates and chapter 11 cases for all purposes, including voting, distribution and confirmation. On the effective date, (i) all intercompany claims between the Debtors shall be eliminated, (ii) all assets and liabilities of the affiliate Debtor shall be merged or treated as if they were merged with the assets and liabilities of Savient, (iii) any obligation of a Debtor and any guarantee thereof by the other Debtor shall be deemed to be one obligation of Savient, and any such guarantee shall be eliminated, (iv) the issued and outstanding shares of stock of the affiliate Debtor shall be cancelled, (v) each claim filed or to be filed against any Debtor shall be deemed filed only against Savient and shall be deemed a single claim against and a single obligation of Savient and (vi) any joint or several liability of the Debtors shall be deemed one obligation of Savient.”This specialty biopharmaceutical provider filed for Chapter 11 protection on October 14, 2013, listing $119 million in pre-petition assets.

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