Clovis Oncology’s plan, disclosure statement hearing continued

By Sarah Lizee

Olympia, Wash., June 5 – Clovis Oncology, Inc.’s combined hearing on confirmation of its Chapter 11 plan and disclosure statement has been continued to a date to be determined, according to a minute entry filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Judge Kate Stickles has decided to take the matter under advisement following Monday’s hearing.

As previously reported, the plan has drawn objections from the U.S. trustee overseeing the case, the Securities and Exchange Commission and the official committee of equity security holders. The objections mainly have to do with the plan’s releases and opt-out provisions.

The equity committee has also filed a motion asking the court to order the parties to mediate.

“A dialogue facilitated by a mediator would pave a smoother path to plan confirmation,” the equity committee said in the motion.

Clovis Oncology is a Boulder, Colo.-based biopharmaceutical company. The company filed bankruptcy on Dec. 11, 2022 under Chapter 11 case number 22-11292.

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