The U.S. Bankruptcy Court issued an order approving BIND Therapeutics’ motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 28, 2016 and January 28, 2017, respectively.
As previously reported, “The Debtors have worked toward concluding these chapter 11 cases and maximizing value for the benefit of their creditors by (i) selling substantially all of their assets through the auction, (ii) terminating their employees, (iii) assigning certain executory contracts and unexpired leases to Pfizer pursuant to the APA, (iv) filing the Combined Plan and Disclosure Statement, and (v) retaining and employing the CRO and DSI to facilitate and assist with their wind-down efforts.”
Court-filed documents continue, “Additionally, the Debtors believe that cause exists to extend the Exclusive Periods for the following reasons: The chapter 11 cases are large in size and complex in nature….The Debtors continue to make good-faith progress towards confirmation and consummation of the Combined Plan and Disclosure Statement. These good-faith efforts and progress support an extension of the Exclusive Periods….Extension of the Exclusive Periods will not prejudice the legitimate interests of postpetition creditors because the Debtors continue to make timely payments on their undisputed postpetition obligations.”
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