Dendreon committee eyes employment of joint counsel, financial adviser

By Kali Hays

New York, Dec. 23 – Dendreon Corp.’s official committee of unsecured creditors asked for authorization to hire Young Conaway Stargatt & Taylor, LLP and Sullivan & Cromwell LLP as its legal counsel and Deloitte Financial Advisory Services LLP as its financial adviser, according to separate motions filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Dendreon asked that all three of the hirings be retroactive to Nov. 19.

As counsel, Young Conaway and Sullivan will assist the committee in its negotiations with Dendreon, examine the company’s current and past operations, review any proposed plan and any claims filed against the company.

Attorneys of Young Conaway will be paid an hourly rate between $460 and $1,295 and Sullivan attorneys will be paid an hourly rate between $290 and $765, according to the motions.

Deloitte will assist the committee in the development of business strategy, review any financial reports of Dendreon, provide analysis of the company’s cash management and operations and evaluate claims.

Employees of Deloitte will be paid a flat hourly rate of $400 for its services.

A hearing to approve the hirings is scheduled for Feb. 5.

Dendreon, a Seattle-based biotechnology company that focuses on novel therapeutics to enhance cancer treatment options, filed for bankruptcy on Nov. 10. The Chapter 11 case number is 14-12515.

© 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.