Vivus seeks 75-day exclusivity extension to finalize settlement terms

By Sarah Lizee

Olympia, Wash., Nov. 5 – Vivus, Inc. is seeking a 75-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

The company is asking the court to extend the plan filing period through Jan. 18 from Nov. 4 and the solicitation period through March 19 from Jan. 3.

The debtors said they are seeking the extension to finalize and implement the settlement among the debtors, the equity committee and IEH Biopharma LLC following successful mediation over the weekend.

Terms of the settlement will be outlined in a revised plan of reorganization, which Vivus said will be filed shortly.

A hearing is scheduled for Nov. 19.

Campbell, Calif.-based Vivus is a pharmaceutical company that filed bankruptcy on July 7. The Chapter 11 case number is 20-11779.

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