Infinity Pharmaceuticals’ plan of liquidation effective as of March 25

By Sarah Lizee

Olympia, Wash., March 27 – Infinity Pharmaceuticals, Inc.’s Chapter 11 plan of liquidation went into effect on Monday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on March 7, as previously reported.

Distributions under the plan are being 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 consisted 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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