Dendreon eyes 110-day extension of exclusive periods to negotiate plan

By Kali Hays

New York, March 6 – Dendreon Corp. is seeking a 3˝-month extension of its exclusive Chapter 11 plan filing and solicitation periods, according to a March 6 motion with the U.S. Bankruptcy Court for the District of Delaware.

The company asked that its plan filing period be extended through June 29 from March 10 and its solicitation period through Aug. 27 from May 9.

Dendreon said that since the outset of its bankruptcy case, it has made “significant and material progress” and the requested extension will allow it the “opportunity to fully negotiate, confirm and implement the terms of a Chapter 11 plan,” according to the motion.

This progress includes the company’s $495 million sale of substantially all assets to Valeant Pharmaceuticals International, Inc., which closed on Feb. 23, but took “considerable time and resources” of Dendreon and its advisers.

A hearing to consider the extension is set for April 14.

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.