Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Infinity Pharmaceuticals, Inc. > News item |
Infinity Pharmaceuticals gets interim approval of disclosure statement
By Sarah Lizee
Olympia, Wash., Feb. 1 – Infinity Pharmaceuticals, Inc. received interim approval of the disclosure statement for its Chapter 11 plan of liquidation on Thursday, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.
The combined hearing on final approval of the disclosure statement and confirmation of the plan is scheduled for March 7.
Distributions under the plan will be funded by liquidation trust assets.
The company received approval in early December to sell its assets to Deerfield Healthcare Innovations Fund III, LP. The purchase price consists of $1 million in cash and certain costs associated with assumed executory contracts.
Secured tax claims, other secured claims and other priority claims are unimpaired by the plan.
Holders of general unsecured claims will receive a pro rata share of beneficial trust interests, which will entitle them to receive their pro rata share of liquidation trust assets.
Holders of subordinated claims and interests will not receive any distribution.
The Cambridge, Mass.-based clinical-stage biopharmaceutical company filed bankruptcy on Sept. 29 under Chapter 11 case number 23-11640.
© 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.