Insys plan unanimously accepted by five of seven voting claim classes

By Caroline Salls

Pittsburgh, Jan. 13 – Insys Therapeutics, Inc.’s plan of liquidation was unanimously accepted by five of seven voting creditor classes, according to a ballot report filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the plan was accepted by all 15 holders of $130,545 in convenience claims, all 15 holders of $15 in insurance-related claims, all 379 holders of $379 in hospital claims and specified monitoring claims, all 34 holders of $34 in state claims and all 52 holders in $52 of personal injury claims.

In addition, 11 holders, or 55% in number, of $2.47 million, or 77.54% in amount, of trade and other unsecured claims voted to accept the plan, while nine holders, or 45% in number, of $716,475, or 22.46% in amount, of those claims voted to reject it.

Meanwhile, 1,755 holders, or 97.72% in number, of $1,771, or 97.74% in amount, of municipality/tribe claims voted to accept the plan, while 41 holders, or 2.28% in number, of $41, or 2.26% in amount, of those claims voted to reject it.

Holders of Department of Justice claims were entitled to vote on the plan, but no ballots were received. As a result, that class is deemed to have accepted the plan.

The plan confirmation hearing is scheduled for Jan. 16.

The specialty pharmaceutical company is based in Phoenix. The company filed bankruptcy on June 10, 2019 under Chapter 11 case number 19-11292.

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