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.
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.
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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