Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Orexigen Therapeutics Bankruptcy Procedures Revised

0
0

Orexigen Therapeutics filed with the U.S. Bankruptcy Court a revised bidding procedures order, which states, “Since the filing of the Bidding Procedures Motion, the Debtor has made revisions to the Original Bidding Procedures Order as Exhibit A. Exhibit B is a blackline comparing the Revised Proposed Order against the Original Bidding Procedures Order. The Debtor has demonstrated a compelling and sound justification for the Court to enter into this Order and thereby (i) approve the Bidding Procedures; (ii) authorize (but not require) the Debtor, to accept the stalking horse bid (the ‘Stalking Horse Bid’) with Nalpropion Pharmaceuticals (the ‘Stalking Horse Bidder’) and enter into an asset purchase agreement (the ‘Stalking Horse Bidder Purchase Agreement’) with the Stalking Horse Bidder not later than April 20, 2018, and to grant the Stalking Horse Bidder, Bid Protections pursuant to this Bidding Procedures Order….If the Debtor accepts the Stalking Horse Bid, includes a minimum cash purchase price for the Purchased Assets of not less than 81,750,000, which is the sum of (i) $75,000,000 (i.e., the Stalking Horse Bidder purchase price), plus (ii) $3,750,000 (i.e., the Break-Up Fee), plus (iii) $2,000,000 (i.e., the Expense Reimbursement), plus (iv) an initial overbid in an amount of not less than $1,000,000; or if the Debtor does not accept the Stalking Horse Bid, includes a minimum cash purchase price of not less than $75,000,000.”

The Auction, if any, will take place on May 24, 2018; the hearing to approve the sale will occur on May 31, 2018, with objections due by May 24, 2018; the deadline for all competing bidders to submit a qualified bid is May 21, 2018.

Read more bankruptcy news.

The post Orexigen Therapeutics Bankruptcy Procedures Revised appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images