SIGA Technologies seeks approval to extend exclusivity periods

By Mark Reccek

Bethlehem, Pa., Nov. 12 – SIGA Technologies, Inc. requested court approval to extend its exclusive periods for filing a Chapter 11 plan of reorganization and soliciting votes on the plan, according to a motion filed Nov. 10 with the U.S. Bankruptcy Court for the Southern District of New York.

The company is requesting an extension on its exclusive filing period through Jan. 8 from Nov. 24 and the solicitation period through March 8 from Jan. 13.

The company said the extensions are consistent with the requirements of Chapter 11 of the U.S. Bankruptcy Code and will best serve the more than 5,500 stockholders. It also said the extensions will provide additional time to develop consensus.

"These negotiations are ongoing and the debtor is optimistic that these negotiations will be successfully completed. The parties, however, have not yet reached an agreement on all terms, nor have finalized all of the documents necessary to file a consensual plan. Granting the requested extension of the exclusive periods hopefully will permit SIGA and the committee to finalize their negotiations and the documentation in a rational and productive manner, and under circumstances and in an atmosphere most likely to produce a successful result," the motion said.

A hearing on the extension request is scheduled for Dec. 1.

Based in New York, SIGA Technologies develops and commercializes solutions for serious unmet medical needs and biothreats. The company filed for bankruptcy on Sept. 16, 2014 under Chapter 11 case number 14-12623.

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