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KaloBios Pharmaceuticals Extension Sought

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According to the U.S. Bankruptcy Court docket, KaloBios Pharmaceuticals filed a motion to extend the exclusive period during which the Debtors can file a Chapter 11 plan and solicit acceptances thereof both through and including July 26, 2016 and September 25, 2016, respectively. The motion explains, “Pursuant to section 1121 of the Bankruptcy Code, the Debtor’s initial Exclusive Filing Period and Exclusive Solicitation Period expire on April 27, 2016, and June 27, 2016, respectively. This Motion is the Debtor’s first request to extend the Exclusive Periods. The Debtor is required by the Savant LOI and Stalking Horse LOI to emerge from bankruptcy on or before June 30th.”

The motion continues, “Contemporaneous with this Motion the Debtor is filing today a disclosure statement and plan, and seeking for the disclosure statement to be heard on May 6th, with a confirmation hearing on June 14th and 15th. Consequently, the Debtor seeks an extension of the Exclusive Periods to allow the Debtor to seek approval of the disclosure statement and chapter 11 plan and exit from bankruptcy.”

The Court scheduled an April 28, 2016 hearing to consider the motion, with objections due by April 21, 2016. Read more KaloBios bankruptcy news.

The post KaloBios Pharmaceuticals Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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