synergy pharmaceuticals chapter 11
On December 12, 2018, Synergy Pharmaceuticals Inc. along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Synergy Pharmaceuticals operates under Drug Manufacturers - Specialty Generic classification in USA and is traded on NASDAQ. Synergy Pharmaceuticals Inc., a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies, announced an agreement with Bausch Health Companies Inc., through which Bausch Health would acquire substantially all of Synergy's assets, including all rights to TRULANCE® (plecanatide), dolcanatide and related intellectual property, for approximately $200 million in cash, subject to certain adjustments at closing, plus the assumption of certain liabilities related to the assets to be acquired. Although proposed jointly for administrative purposes, the Plan constitutes a separate Plan for each Debtor for the resolution of outstanding Claims against, and Interests in, such Debtor. Bausch was designated the stalking-horse bidder with its offer of approximately $200 million plus certain assumed liabilities. Law360 may contact you in your professional capacity with information about our other products, services and events that we believe may be of interest.You’ll be able to update your communication preferences via the unsubscribe link provided within our communications.We take your privacy seriously. Unfortunately, we have now reached a point where our financial challenges are preventing us from taking this important work to the next level," said Troy Hamilton, Chief Executive Officer of Synergy Pharmaceuticals Inc. "We are pleased to reach this agreement with Bausch Health and to move forward with the court-supervised auction process. Synergy Pharmaceuticals (NASDAQ: SGYP) has filed for Chapter 11 bankruptcy in a voluntary petition with another pharmaceutical company … The proposed sale to Bausch Health is expected to be conducted through a supervised sale process under Section 363 of the Bankruptcy Code and will be subject to Court-approved bidding procedures, receipt of higher and better offers at auction and approval of the Court. The sale is subject to a competitive process and the Company's receipt of higher and better offers. New Chapter 11 Bankruptcy Filing - Synergy Pharmaceuticals Inc. December 12, 2018 by PETITION in Chapter11. Law360 takes your privacy seriously. According to Court Records, CRG Servicing LLC served as administrative agfent for the financing, which combined with existing cash on its balance sheet and normal operating cash flows, will allow Synergy to operate its business as usual and help fund its ongoing financial commitments while it works to complete the sale.
We are confident that this process will result in a strong new owner that has the necessary funding and commercialization capabilities to continue providing TRULANCE to the patients and providers who have come to rely on this treatment and will allow us to maximize value for all stakeholders. Copyright © 2012-2020 Serving Asset-Based Lending Decision Makers. All quotes delayed a minimum of 15 minutes. Click here to login, © 2020, Portfolio Media, Inc. About | Contact Us | Legal Jobs | Careers at Law360 | Advertise with Law360 | Terms | Privacy Policy | Cookie Settings | Help | Site Map, Enter your details below and select your area(s) of interest to stay ahead of the curve and receive Law360's daily newsletters, Email (NOTE: Free email domains not supported). "We have worked diligently to serve our patients, health care professionals and other stakeholders by bringing TRULANCE® to market and developing other GI therapies to address previously unmet needs. Your Company Listed, Submit To facilitate the sale and address its debt obligations, Synergy initiated voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Download our plug-in for Chrome to get customizable, real-time news alerts, U.S. Bankruptcy Court for the Southern District of New York, Access to case data within articles (numbers, filings, courts, nature of suit, and more. Synergy has entered into a binding term sheet with its existing first lien lenders for debtor-in-possession (DIP) financing in an aggregate principal amount equal to $155 million, comprised of $110 million of roll up pre-petition loan obligations and $45 million of new money loans to support operations during the Chapter 11 and sale process. Law360, New York (April 23, 2019, 7:02 PM EDT) -- Synergy Pharmaceuticals Inc. received court approval Tuesday to wind down in Chapter 11 under a bankruptcy plan that provides creditors with recoveries from a $195 million sale of the company's drug treatments to Bausch Health Cos. Inc., overcoming challenges from the federal government's bankruptcy case watchdog. The agreement with Bausch Health comprises the initial stalking horse bid in the Court-supervised auction process.
Law360 provides the intelligence you need to remain an expert and beat the competition. To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2UNjPQq. Company News, Advertising Equipment Finance Advisor, Inc. All rights reserved. December 12, 2018. Synergy Pharmaceuticals Inc. has filed a voluntary petition for Chapter 11 to facilitate the sale of its assets to Bausch Health Cos. (formerly Valeant Pharmaceuticals) for about $200 million. Map, Get BBVA USA Agents $300MM Credit Facility for Tecnoglass, Santander Bank Provides $50MM Revolver to DB Energy Assets, Fifth Third Business Capital Provides Senior Debt Financing for ARC Group Worldwide, Encina Capital Partners, Oaktree Affiliate Launch New Independent Lender Finance Platform, Carl Marks Advisors Announces Six New Hires, Pretium, Ares Management Announce $2.4B Take-Private Transaction with Front Yard Residential, Guggenheim Securities Hires Niemiec to Expand Middle Market Investment Banking Practice, Outlook for BDCs Worsening for 2021, Fitch Says, Tiger Global Management Leads $350MM Investment Into DoubleVerify, DFG Investment Advisers Makes Top-Level Personnel Changes, Tiger Group Auctioning Inventory and Equipment from Wholesaler of Promotional Apparel and Hardgoods, Middle Market CEOs See 20% to 50% Reduction in Base Pay During COVID-19, Sterling National Bank Provides $20MM in Credit Facilities to Canadian Bearings, SSG Advises Metal Partners Rebar and its Affiliates in the Sale of Substantially all of its Assets, CIT Serves as Coordinating Lead Arranger for $151MM Solar Project Financing, U.S. Census Bureau – U.S. Department of Commerce, Full Report on Manufacturers' Shipments, Inventories and Orders - August 2020, Tiger Group COO Reflects on Retail in the Age of COVID-19, The Impact of COVID-19 on the M&A Market – Challenges & Opportunities, Events PLEASE NOTE: A verification email will be sent to your address before you can access your trial. Litigation Trust - Beneficiary Information On April 25, 2019, Synergy Pharmaceuticals Inc. received Bankruptcy Court approval of its wind down Chapter 11 plan (the “Plan”) that provides creditors with recoveries from a $195 million sale of the company’s drug treatments. Our Standards: The Thomson Reuters Trust Principles.
Synergy has entered into a binding term sheet with its existing first lien lenders for debtor-in-possession (DIP) financing in an aggregate principal amount equal to $155 million, comprised of $110 million of roll up pre-petition loan obligations and $45 million of new money loans to support operations during the Chapter 11 and sale process. Synergy on December 12, 2018, initiated voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the … In the legal profession, information is the key to success. Gastrointestinal therapies developer Synergy Pharmaceuticals Inc will ask a judge on Tuesday to approve its plan to wrap up its bankruptcy and distribute proceeds from its $200 million sale. New York-headquartered Synergy sought Chapter 11 protection in December with a deal to be acquired by Canadian health products maker Bausch Health Companies Inc for $200 million in cash and assuming some liabilities. See here for a complete list of exchanges and delays. Order for Relief Entered. Already a subscriber? Please see our Privacy Policy. Synergy Pharmaceuticals Inc. received court approval Tuesday to wind down in Chapter 11 under a bankruptcy plan that provides creditors with recoveries from a … Synergy is advised in this transaction by Skadden, Arps, Slate, Meagher & Flom LLP, Sheppard, Mullin, Richter & Hampton LLP, Centerview Partners and FTI Consulting. Tiger Group’s COO, Michael McGrail, provides his personal insights... Tim Stute, Managing Director, Head of Specialty Finance, Hovde Group... LQD’s PPP Forgiveness Platform monitors PPP Loan Portfolios and the completion of applications. It employs 291 people. Make sure you don't miss any Law360 breaking news. Platforms.
Synergy Pharmaceuticals Inc. As part of the sale through the Chapter 11 process, Synergy and its advisors will evaluate competing bids that may be submitted in order to ensure the Company receives the highest and best offer for its assets. consent from ABL Advisor, Incorporated. Please see our Privacy Policy. more on Synergy Pharmaceuticals Directory, Extended Site Filed by Lisa Laukitis of Skadden, Arps, Slate, Meagher & Flom LLP on behalf of Synergy Advanced Pharmaceuticals, Inc.. (Laukitis, Lisa) (Entered: 12/12/2018) Dec 12, 2018: Receipt of Voluntary Petition (Chapter 11)( 18-14011) [misc,824] (1717.00) Filing Fee. The Company fully intends to operate its business as usual while it works to complete the sale through the Chapter 11 process. The Company also has filed customary motions with the Court seeking authorization to continue employee wages and benefit programs, honor future vendor payments and maintain customer programs in the normal course in addition to certain other relief. You have to know what’s happening with clients, competitors, practice areas, and industries. Synergy filed for reoganization under Chapter 11 of the U.S. Bankruptcy Code on December 12, 2018 in the Southern District of New York. Password (at least 8 characters required). Offering a free and premium version along with audit protection ensures that risk related to miscalculation is minimized. Calendar, Author ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. Synergy aims to complete this process by the end of the first quarter of 2019. Gastrointestinal therapies developer Synergy Pharmaceuticals Inc will ask a judge on Tuesday to approve its plan to wrap up its bankruptcy and distribute proceeds from its $200 million sale.
The agreement will be filed with the Securities and Exchange Commission.
Synergy Pharmaceuticals (NASDAQ: SGYP) has filed for Chapter 11 bankruptcy in a voluntary petition with another pharmaceutical company …
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