Savient Gets Nod To Fund Ch. 11 Sale With Cash Collateral

Law360, New York (October 16, 2013, 3:47 PM ET) -- A Delaware bankruptcy judge Wednesday gave Savient Pharmaceuticals Inc. the go-ahead to use cash collateral to fund its stay in Chapter 11, enabling the drug developer to proceed with a planned $55 million asset sale.

At a hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath signed off on the cash-collateral motion and other pleadings designed to keep Savient up and running while it pursues a stalking horse sale to Sloan Holdings CV, a unit of US WorldMeds LLC.

“This case is about selling the business,”...
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