Sorrento Therapeutics seeks extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 13 – Sorrento Therapeutics, Inc. is seeking a 42-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday 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 Nov. 27 and the exclusive solicitation period through Jan. 26.

“Failure to obtain a further extension could result in costly and unnecessary disruption to the debtors’ estates and confusion to the debtors’ stakeholders – particularly as the debtors filed a Chapter 11 plan of liquidation yesterday,” the company said in the motion.

The plan of liquidation has the support of the official committee of unsecured creditors.

The company is seeking conditional approval of the disclosure statement at a hearing set for Oct. 18.

“With the ongoing solicitation and confirmation process, the debtors cannot afford the distraction of competing plans (or the extra administrative costs that would be incurred) and should be given an opportunity to continue [to] solicit and confirm their plan,” the company said.

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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