Oscient Pharmaceuticals secures 15-day exclusivity extension

By Caroline Salls

Pittsburgh, Jan. 25 - Oscient Pharmaceuticals Corp. received a 15-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

The company's exclusive plan-filing period was extended to Feb. 10 from Jan. 26 and the solicitation period to April 9 from March 25.

Oscient said it needs the extra time to continue negotiations with debtor Guardian II Acquisition Corp.'s secured lender Paul Royalty Fund Holdings II to resolve issues related to the allocation of asset sale proceeds, as well to resolve intercompany claims between Oscient and the Guardian estates.

Oscient, a Waltham, Mass., commercial-stage pharmaceutical company, filed for bankruptcy on July 13, 2009. Its Chapter 11 case number is 09-16576.

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