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Orexigen Gets Interim OK For $7.5M DIP To Fund Sale Process

Law360, Wilmington (March 13, 2018, 11:10 PM EDT) -- Bankrupt prescription weight-loss treatment maker Orexigen Therapeutics Inc. received interim approval Tuesday in Delaware for access to $7.5 million in debtor-in-possession financing as part of a larger $70 million package.

During a first-day hearing in Wilmington, debtor attorney Christopher R. Bryant of Hogan Lovells told the court the post-petition financing will be needed for the debtor to run a sale process and that the lending package was being proposed on a fully consensual basis following several weeks of negotiations with stakeholders.

“We’re pleased to report we’re...
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