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Drugmaker Orexigen Opens Del. Ch. 11 With $226M In Debt

Law360 (March 12, 2018, 4:41 PM EDT) -- Obesity treatment maker Orexigen Therapeutics Inc. on Monday filed for Chapter 11 protection in Delaware, saying it is looking at a pending cash crunch and a likely near-term call to repay $165 million in debt.

Orexigen said in its bankruptcy filing that it is running short of operating cash and is facing the impending ability of the holders of $165 million of its approximately $226 million in debt to demand the repurchase their notes because it is falling just short of sales goals for its Contrave...
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