United States bankruptcy court

Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges

Retrieved on: 
Tuesday, March 19, 2024
Bankruptcy, District court, Genesis (cryptocurrency company), Sale, Security (finance), Judgement, United States bankruptcy court, Advertising, Cryptocurrency

“We charged Genesis with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler.

Key Points: 
  • “We charged Genesis with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler.
  • At the time, Genesis held approximately $900 million in crypto assets from 340,000 Gemini Earn investors.
  • Genesis and two affiliates filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York on January 19, 2023.
  • Investors have been unable to access or withdraw the crypto assets they invested with Genesis via Gemini Earn.

Casa Systems Initiates Court-Supervised Chapter 11 Sale Process for Businesses

Retrieved on: 
Wednesday, April 3, 2024
Cloud, CASA, Sale, Bankruptcy Code, United States bankruptcy court, Bankruptcy, Investment, Sidley Austin, Hand, RAN

To facilitate these sales, the Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

Key Points: 
  • To facilitate these sales, the Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
  • The Company remains committed to the success of its customers and partners and intends to continue supporting them throughout this process.
  • Casa’s international subsidiaries are not debtors in the Chapter 11 filing; however, certain of their businesses and related assets are included in the two asset sale transactions.
  • The Company’s NetComm business, which commenced voluntary administration proceedings under Australian law on March 11, 2024, is not included in the U.S. Chapter 11 process.

Nogin Announces Confirmation of Restructuring Plan

Retrieved on: 
Wednesday, April 3, 2024
Plan, Content as a service, LLP, United States bankruptcy court, Bankruptcy, Commerce, Note, Debt-to-GDP ratio, Hall

NEW YORK, April 03, 2024 (GLOBE NEWSWIRE) -- Nogin , a pioneer in Commerce-as-a-Service (CaaS) e-commerce technology and services, today announced that the United States Bankruptcy Court for the District of Delaware has confirmed its Chapter 11 Plan (the “Plan”) clearing the path for the company to successfully complete its financial restructuring.

Key Points: 
  • NEW YORK, April 03, 2024 (GLOBE NEWSWIRE) -- Nogin , a pioneer in Commerce-as-a-Service (CaaS) e-commerce technology and services, today announced that the United States Bankruptcy Court for the District of Delaware has confirmed its Chapter 11 Plan (the “Plan”) clearing the path for the company to successfully complete its financial restructuring.
  • Under the Plan, Nogin’s reorganized equity interests will be acquired by a newly formed entity sponsored by B. Riley Financial, Inc. (“B.
  • Riley”), and Nogin will continue to operate in the ordinary course.
  • served as bankruptcy counsel, Portage Point Partners provided interim restructuring and management services and Livingstone Partners LLC acted as investment banker to Nogin in its restructuring.

Sientra Announces Completion and Winning Bidders of its Section 363 Sales Auction

Retrieved on: 
Tuesday, April 2, 2024
Stifel, Tiger, Sale, Berkeley Research Group, Acquisition, Blank Rome, United States bankruptcy court, Bankruptcy, Breast, Regenerative medicine, Hearing, Kirkland & Ellis, Kirkland, Insurance

IRVINE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- Sientra, Inc. (“Sientra” or the “Company”) announced that, following the completion of its Section 363 sales auction, Tiger Aesthetics Medical, LLC (“Tiger”) has been declared the successful bidder for certain of the assets of Sientra used in its breast reconstruction and augmentation business. As consideration for the acquisition, Tiger will pay a cash consideration of $42.5 million as well as assume certain liabilities of the Company, including up to $7 million in cure costs for certain assumed contracts, all the Company’s warranties for breast implants sold prior to the closing date, and all of the Company’s customer contracts.

Key Points: 
  • IRVINE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- Sientra, Inc. (“Sientra” or the “Company”) announced that, following the completion of its Section 363 sales auction, Tiger Aesthetics Medical, LLC (“Tiger”) has been declared the successful bidder for certain of the assets of Sientra used in its breast reconstruction and augmentation business.
  • Sientra also announced that it has entered into a definitive agreement with Nuance Intermediary, LLC (“Nuance”), pursuant to which Nuance will acquire substantially all the assets of Sientra used in its BIOCORNEUM business.
  • Tiger Aesthetics Medical, LLC is represented by Blank Rome LLP as legal counsel and H.C. Wainwright & Co. as investment banker.
  • Nuance Intermediary, LLC, an investment of Nuance Holdings LLC, as well as the owner of Nuance Medical, is represented by Ferguson Braswell Fraser Kubasta PC as legal counsel.

Eiger BioPharmaceuticals Files for Voluntary Chapter 11 Protection

Retrieved on: 
Monday, April 1, 2024
International, Patient, Sale, Bankruptcy Code, Acquisition, United States bankruptcy court, Bankruptcy, PALO, Therapy, Sidley Austin, Eiger

PALO ALTO, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR) today announced that it and its direct subsidiaries have filed voluntary petitions for chapter 11 protection under the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas. The company also announced a “stalking horse” agreement for the sale of Zokinvy® (lonafarnib) to Sentynl Therapeutics, Inc., a biopharmaceutical company focused on rare diseases. Under the terms of the “stalking horse” agreement, subject to court approval, Sentynl Therapeutics will pay up to $26.0 million, subject to certain purchase price adjustments, including per diem reductions if the sale closes after April 24, 2024, for the acquisition of Zokinvy®. In accordance with Section 363 of the Bankruptcy Code, other potential bidders can submit competing bids for the company’s assets through a court-supervised process.  

Key Points: 
  • PALO ALTO, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- Eiger BioPharmaceuticals, Inc. (Nasdaq:EIGR) today announced that it and its direct subsidiaries have filed voluntary petitions for chapter 11 protection under the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas.
  • Eiger filed customary “first day” motions with the court requesting relief designed to enable Eiger to transition into chapter 11 and uphold its commitments to stakeholders during the process without material disruption to its ordinary course of operations.
  • Court filings and other information regarding the chapter 11 case are available via Kurtzman Carson Consultants LLC, a third-party bankruptcy claims and noticing agent, at: www.kccllc.net/Eiger.
  • Eiger does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

Scilex Holding Company Announces that the U.S. Bankruptcy Court has Extended the Lockup Period on Shares of Scilex Stock Previously Distributed by Sorrento to its Stockholders as a Dividend

Retrieved on: 
Wednesday, March 27, 2024
Chronic pain, United States bankruptcy court, Bankruptcy, PALO, OTC, Court, Holding company

Such lock-up period was previously set to expire on March 31, 2024.

Key Points: 
  • Such lock-up period was previously set to expire on March 31, 2024.
  • The Court did not make any determination regarding the merits of the Stock Clawback Claims.
  • Accordingly, any shares of the Dividend Stock (including any such shares held by brokerage firms) may not be sold, transferred or otherwise disposed of and the holders of Dividend Stock would be prohibited from causing or encouraging any third party to do the same.
  • The foregoing extension shall apply only to the Dividend Stock and does not apply to any other outstanding securities of Scilex.

Enviva Receives NYSE Notice Regarding Delayed Form 10-K Filing

Retrieved on: 
Monday, April 8, 2024
Enviva, Form, Form 10-K, Security (finance), Bank statement, United States bankruptcy court, Bankruptcy, Annual report

The NYSE Notice has no immediate effect on the listing of the Company's common stock on the NYSE.

Key Points: 
  • The NYSE Notice has no immediate effect on the listing of the Company's common stock on the NYSE.
  • The NYSE informed the Company that, under the NYSE's rules, the Company will have six months from April 1, 2024 to file the Form 10-K with the SEC.
  • The Company can regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC before such date.
  • The Company is working diligently to complete the necessary work to file the Form 10-K as soon as practicable and currently expects to file the Form 10-K within the six-month period granted by the NYSE Notice; however, there can be no assurance that the Form 10-K will be filed within such period.

JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders

Retrieved on: 
Monday, March 18, 2024
Growth, Lazard, Security (finance), United States bankruptcy court, Bankruptcy, ABL, Creativity, Interim, Latham & Watkins, TSA, FILO

HUDSON, Ohio, March 18, 2024 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN” or the “Company”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that it has entered into a Transaction Support Agreement (“TSA” or “Agreement”) with a majority of its financial stakeholders and additional industry financing parties to strengthen the Company’s financial position. In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million. The parties have also agreed to a six-month extension of the Company’s existing ABL and FILO credit facilities, effective upon the Company’s emergence from the court-supervised process. Under the TSA and related transaction documents, all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business.

Key Points: 
  • In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.
  • We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change.
  • With the significant support of the Company’s financial stakeholders, JOANN expects to complete this process on an expedited basis, as early as late April 2024.
  • Gibson Dunn & Crutcher LLP is serving as legal counsel to certain of the Company’s term lenders, with Lazard serving as financial advisor.

JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders

Retrieved on: 
Monday, March 18, 2024
Growth, Lazard, Security (finance), United States bankruptcy court, Bankruptcy, ABL, Creativity, Interim, Latham & Watkins, TSA, FILO

HUDSON, Ohio, March 18, 2024 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN” or the “Company”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that it has entered into a Transaction Support Agreement (“TSA” or “Agreement”) with a majority of its financial stakeholders and additional industry financing parties to strengthen the Company’s financial position. In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million. The parties have also agreed to a six-month extension of the Company’s existing ABL and FILO credit facilities, effective upon the Company’s emergence from the court-supervised process. Under the TSA and related transaction documents, all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business.

Key Points: 
  • In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.
  • We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change.
  • With the significant support of the Company’s financial stakeholders, JOANN expects to complete this process on an expedited basis, as early as late April 2024.
  • Gibson Dunn & Crutcher LLP is serving as legal counsel to certain of the Company’s term lenders, with Lazard serving as financial advisor.

Scilex Holding Company’s Wholly Owned Subsidiary, Scilex Pharmaceuticals Inc., Entered into a Definitive Mutual Release and Settlement Agreement with Virpax Pharmaceuticals, Inc. Relating to the Previously Announced Term Sheet with Virpax in Respect of Su

Retrieved on: 
Friday, March 15, 2024
Bankruptcy, Plaintiff, Action, Sale, Chronic pain, United States bankruptcy court, Settlement, PALO, Court, Nursing

The Definitive Settlement Agreement relates to the term sheet previously announced by Scilex on February 26, 2024, regarding a mutual release and settlement agreement between Scilex Pharma, Sorrento and Virpax in respect of the action (the “Action”) filed by Scilex Pharma and Sorrento (together, the “Plaintiffs”) against Anthony Mack, former President of Scilex Pharma and Virpax, a company founded and then headed by Mr. Mack.

Key Points: 
  • The Definitive Settlement Agreement relates to the term sheet previously announced by Scilex on February 26, 2024, regarding a mutual release and settlement agreement between Scilex Pharma, Sorrento and Virpax in respect of the action (the “Action”) filed by Scilex Pharma and Sorrento (together, the “Plaintiffs”) against Anthony Mack, former President of Scilex Pharma and Virpax, a company founded and then headed by Mr. Mack.
  • The Plaintiffs’ release relates to claims against Virpax only, which does not affect their claims against Mr. Mack.
  • Plaintiffs’ release as to Virpax is conditioned upon Virpax’s Initial Payment.
  • For more information on Gloperba®, including Full Prescribing Information, refer to www.gloperba.com .