Sorrento Therapeutics seeks extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Sept. 21 – Sorrento Therapeutics, Inc. is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an emergency motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the exclusive plan filing period through Oct. 16 and the exclusive solicitation period through Dec. 15.

The company said emergency consideration is needed as its exclusive filing period is set to expire on Sept. 25.

“Failure to obtain a further extension could result in unnecessary disruption to the debtors’ estates,” the company said in the motion.

The company said the official committee of unsecured creditors supports the extension, but the official committee of equity holders has not responded to the debtors regarding the matter.

The biopharmaceutical company is based in San Diego. The company filed bankruptcy on Feb. 13, 2023 under Chapter 11 case number 23-90085.

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