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Former Impel Pharmaceuticals’ Chapter 11 plan effective as of April 5
By Sarah Lizee
Olympia, Wash., April 5 – IPI Legacy Liquidation Co., formerly Impel Pharmaceuticals Inc., had its Chapter 11 plan of liquidation go into effect on Friday, according to a press release.
The plan was confirmed on April 1 by the U.S. Bankruptcy Court for the Northern District of Texas, as previously reported.
The debtors agreed to sell substantially all of their assets to stalking horse bidder JN BidCo LLC for about $17.5 million. The sale closed on Feb. 26.
Following the sale, Impel planned to wind down the debtors and liquidate and distribute their remaining assets, if any.
Under the plan, other secured claims and other priority claims were unimpaired.
Holders of prepetition term loan claims were to receive their pro rata share of all distributable cash of the debtors less the amount of cash needed to pay administrative claims and priority tax claims and the funding of the wind-down budget, cash required to fund the professional fee reserve account, the general unsecured creditor distribution and an amount of cash required to pay other secured and other priority claims.
Holders of general unsecured claims were to receive their pro rata share of a cash distribution. The amount was not given in the disclosure statement. The prepetition term loan secured parties were not to participate to in the general unsecured creditor distribution on account of any deficiency claim.
Intercompany claims were to be reinstated, canceled, or otherwise addressed.
Existing equity was canceled with no distribution.
Impel Pharmaceuticals is a commercial-stage pharmaceutical company. The company filed bankruptcy on Dec. 19 under Chapter 11 case number 23-80016.
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