Achaogen disclosure statement approved; plan hearing set for May 28

By Caroline Salls

Pittsburgh, April 21 – Achaogen, Inc. received interim court approval of the disclosure statement for its plan of liquidation, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

A combined hearing on confirmation of the plan and final approval of the disclosure statement is scheduled for May 28.

According to the disclosure statement, the company’s royalty stream, any remaining proceeds of the sales of estate assets, any proceeds resulting from the collection and liquidation of the remaining estate assets and any proceeds of third-party claims will be used to make payments in accordance with the plan.

Under the plan, priority tax claims and priority non-tax claims will be paid in full in cash.

Holders of general unsecured claims will receive a share of GUC cash.

Holders of equity and other interest claims will receive no distribution.

The South San Francisco-based biopharmaceutical company filed bankruptcy on April 15, 2019. The Chapter 11 case number is 19-10844.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.