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BIND Therapeutics Plan Filed

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BIND Therapeutics filed with the U.S. Bankruptcy Court a Combined Disclosure Statement and Chapter 11 Plan of Liquidation, which notes, “The Debtors believe this Combined Plan and Disclosure Statement are beneficial to all of the Debtors’ Creditors. The Debtors estimate Allowed General Unsecured Claims in Class 3 of approximately $5.2 million and, pursuant to this Combined Plan and Disclosure Statement, such Holders shall be paid in full should the Debtors’ estimate of the amount of Allowed Class 3 Claims be correct.”

The Plan continues, “Because the majority of the Debtors’ assets have already been liquidated to Cash pursuant to the Acquisition, the value of any Distributions to Holders of Equity Interests if the Debtors’ Chapter 11 Cases were converted to cases under chapter 7 of the Bankruptcy Code would be less than the value of Distributions under this Combined Plan and Disclosure Statement.”

The Court scheduled a September 21, 2016 hearing to consider the combined document, with objections due by September 14, 2016.

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