NephroGenex filed with the U.S. Bankruptcy Court a motion to extend the exclusive period by 120 days during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 26, 2016 and February 24, 2017, respectively.
The motion explains, “The Plan Period is set to expire on August 28, 2016, and the Solicitation Period is set to expire on October 27, 2016….The extensions requested in the Motion will provide the Debtor the opportunity to complete its sale process and negotiate, file and solicit a chapter 11 plan for the distribution of assets to creditors….Importantly, the Debtor and its advisors continue to engage with potential purchasers, with the goal of seeking approval of sale and bidding procedures during the coming month. In light of the foregoing, the Debtor submits that its demonstrated progress to date provides ample cause to extend the Exclusive Periods.” The Court scheduled an October 4, 2016 hearing to consider the extension motion with objections due by September 7, 2016.
More on pharmaceutical bankruptcies.
The post NephroGenex Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.