Synergy seeks 60-day extension of exclusive plan periods

By Caroline Salls

Pittsburgh, March 25 – Synergy Pharmaceuticals Inc. requested a 60-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The company is asking the court to extend its exclusive plan-filing period through June 10 from April 11 and the solicitation period through Aug. 9 from June 10.

“The debtors have made tremendous progress in a short period of time and are now poised to seek confirmation of their plan and exit bankruptcy in the near future,” the motion said.

However, Synergy said the debtors are seeking the proposed extension as a precautionary measure “in order to safeguard their exclusive rights against any unexpected contingencies.”

A hearing is scheduled for April 9.

Synergy is a New York-based biopharmaceutical company focused on the development and commercialization of novel gastrointestinal therapies. The company filed bankruptcy on Dec. 12 under Chapter 11 case number 18-14010.

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