Sorrento Therapeutics, Inc. – Court Confirms San Diego-Based Biopharmaceutical’s Modified Joint Plan of Liquidation; Rejects Equity Committee Challenge (Although Noting Equity Still Has Four to Five Months Before Effectiveness to Find “Home Run Deal”)
Bankruptcy Bankruptcy News

Sorrento Therapeutics, Inc. – Court Confirms San Diego-Based Biopharmaceutical’s Modified Joint Plan of Liquidation; Rejects Equity Committee Challenge (Although Noting Equity Still Has Four to Five Months Before Effectiveness to Find “Home Run Deal”)

November 30, 2023 – The Court hearing the Sorrento Therapeutics, Inc. cases issued an order confirming the Debtors’ Modified Joint Plan of Liquidation [Docket No. 1616]. In approving the Plan, Judge Christopher Lopez rejected an…

PhaseBio Pharmaceuticals, Inc. – With Debtor Still Locking Horns with SFJ (This Time Over a Contested $9.6mn Administrative Expense Claim), Court Grants 90-Day (Fourth) Extension of Exclusive Plan Filing Period until January 18, 2024

November 8, 2023 – The Court hearing the PhaseBio Pharmaceuticals, Inc. case has extended (for a fourth time) the periods during which Debtor has an exclusive right to file a Plan and solicit acceptances thereof,…

SAS AB – Seeks Authority for $500mn Replacement DIP Financing Facility from Castlelake; Proceeds to be Used to Repay $350mn Apollo DIP in Full & See Debtors Through Expected June 2024 Emergence
Bankruptcy Bankruptcy News

SAS AB – Seeks Authority for $500mn Replacement DIP Financing Facility from Castlelake; Proceeds to be Used to Repay $350mn Apollo DIP in Full & See Debtors Through Expected June 2024 Emergence

November 4, 2023 – The Debtors requested Court authority to: (i) access $500.0mn under a proposed replacement debtor-in-possession (“DIP”) term loan facility (the “Refinancing DIP Facility”) to be provided by Castlelake* managed affiliate, CL-S Holdings,…

Anagram Holdings, LLC – Global Leader in Foil Balloons and Party City Subsidiary Files for Bankruptcy with Over $100mn of Debt; Certain Prepetition Lenders Agree to Serve as Stalking Horse; Debtors Line Up $22mn of DIP Financing
Bankruptcy Bankruptcy News

Anagram Holdings, LLC – Global Leader in Foil Balloons and Party City Subsidiary Files for Bankruptcy with Over $100mn of Debt; Certain Prepetition Lenders Agree to Serve as Stalking Horse; Debtors Line Up $22mn of DIP Financing

November 8, 2023 – Anagram Holdings, LLC and two affiliated debtors (dba Anagram Balloons; together “Anagram” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas,…