Infinity Pharmaceuticals’ general unsecured claimholders accept plan

By Sarah Lizee

Olympia, Wash., March 5 – Infinity Pharmaceuticals, Inc.’s Chapter 11 plan of liquidation was accepted by all 11 voting holders of $3.56 million of general unsecured claims, according to a tabulation summary filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

A 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, 2023 under Chapter 11 case number 23-11640.

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