Egalet reorganization plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Jan. 10 – Egalet Corp.’s amended plan of reorganization was accepted by a majority of voting creditors, according to a ballot report filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The plan was accepted by all 18 voting holders of $66.27 million in first-lien secured notes claims.

In addition, 18 holders, or 85.71% in number, of $36.64 million, or 99.61% in amount, of convertible notes claims voted to accept the plan, while three holders, or 14.29% in number, of $143,781, or 0.39% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Jan. 14.

Wayne, Pa.-based Egalet is a specialty pharmaceutical company focused on developing pain treatments. The company filed bankruptcy on Oct. 30 under Chapter 11 case number 18-12439.

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