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SIGA Technologies Plan Effective

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SIGA Technologies’ Third Amended Chapter 11 Plan became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on April 8, 2016.

Eric Rose, Chairman and C.E.O. of SIGA Technologies, comments, “We look forward to satisfying the judgment resulting from the litigation with PharmAthene, focusing on growing our business and supplying the U.S. Government and other jurisdictions with important bio-threat protection.”

As previously reported, “On or as soon as reasonably practicable after the later of (i) the Effective Date and (ii) the date such General Unsecured Claim becomes Allowed, each holder of an Allowed General Unsecured Claim shall receive Cash in an amount equal to such Allowed General Unsecured Claim up to Five Million Dollars ($5,000,000), plus postpetition interest at the Postpetition Interest Rate accrued from the Commencement Date to the Effective Date.”

This biopharmaceutical products’ developer filed for Chapter 11 protection on September 16, 2014, listing $194 million in pre-petition assets. Read more bankruptcy news.

The post SIGA Technologies Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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