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Infinity Pharmaceuticals gets confirmation of plan of liquidation
By Sarah Lizee
Olympia, Wash., March 7 – Infinity Pharmaceuticals, Inc. received confirmation of its Chapter 11 plan of liquidation, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
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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