Zymergen’s disclosure statement approved; plan hearing set for Feb. 2

By Sarah Lizee

Olympia, Wash., Dec. 20 – Zymergen Inc. received approval of the disclosure statement for its Chapter 11 plan of liquidation on Tuesday, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Feb. 2.

Generally, the plan provides for the payment in full of all allowed administrative expense claims, fee claims, U.S. trustee fees, secured claims, priority tax claims and other priority claims.

Holders of general unsecured claims shall receive a pro rata share of cash from a liquidating trust, if any, after payment of (or the establishment of a sufficient reserve) for all liquidating trust expenses and all senior claims.

There will be no recovery for the holders of subordinated claims, interests, intercompany claims or intercompany interests.

Distributions under the plan will be funded from cash on hand, including the proceeds of the sales transactions that are received before, on, or after the effective date.

The Emeryville, Calif.-based biotech company filed bankruptcy on Oct. 3 under Chapter 11 case number 23-11661.

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