Clovis Oncology disclosure statement draws U.S. trustee objection

By Sarah Lizee

Olympia, Wash., March 29 – Clovis Oncology, Inc.’s motion for interim approval of the disclosure statement for its Chapter 11 plan of liquidation drew an objection from Regions 3 and 9 U.S. trustee, according to documents filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The U.S. trustee said the disclosure statement imposes on public shareholders the requirement to file a confirmation objection to “opt out” of releasing their direct claims against non-debtor parties, even though the shareholders will receive no distribution under the plan.

Vara also said the disclosure statement does not contain adequate information, and the plan is not eligible for the combined hearing and disclosure statement.

A hearing on interim approval of the disclosure statement is scheduled for April 4. The company is hoping for a May 9 combined hearing on final approval of the disclosure statement and confirmation of the plan.

Clovis Oncology is a Boulder, Colo.-based biopharmaceutical company. The company filed bankruptcy on Dec. 11 under Chapter 11 case number 22-11292.

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