| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Acerus Biopharma Inc. > News item |
Acerus starts CCAA process; U.S. subsidiary makes Chapter 15 filing
By Sarah Lizee
Olympia, Wash., Jan. 31 – Acerus Pharmaceuticals Corp. and its subsidiaries, Acerus Biopharma Inc., Acerus Labs Inc. and Acerus Pharmaceuticals USA, LLC, received an order on Thursday for creditor protection from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act, according to a press release.
Acerus said it sought creditor protection under the CCAA so it can maximize the value of its assets for the benefit of its creditors and other stakeholders.
The initial order includes, among other things, a stay of proceedings in favor of the Acerus group, approval of a debtor-in-possession loan and the appointment of Ernst & Young Inc. as monitor of the group.
The C$7 million DIP facility is with First Generation Capital Inc., a company affiliated with the chairman of the board of directors of Acerus.
The DIP loan is anticipated to fund the operations of the Acerus group in the ordinary course during this process.
On Sunday, Acerus Biopharma has filed Chapter 15 in the U.S. Bankruptcy Court for the District of Delaware for creditor protection in the United States.
Management of the company will remain responsible for the day-to-day operations of the company, under the general oversight of the monitor.
FAAN Advisors Group Inc. has been appointed as chief restructuring officer of Acerus.
It is anticipated that the Toronto Stock Exchange will place the company under delisting review.
Acerus’ shares trade on TSX under the symbol “ASP.”
Acerus Pharmaceuticals is a specialty pharmaceutical company based in Toronto. The Chapter 15 case number of Acerus Biopharma is 23-10112.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.