Orexigen Cleared For Wind Down After Del. Ch. 11 Confirmed
Law360 (May 17, 2019, 8:33 PM EDT) -- Remnants of largely sold-off biopharmaceutical firm Orexigen Therapeutics Inc. whisked through a Chapter 11 plan confirmation in Delaware on Friday, clearing the way for a wind down of the business and remaining litigation.
Orexigen put the plan to U.S. Bankruptcy Judge Kevin Gross for approval 11 months after the company sold all is marketable assets — mainly those associated with weight-loss drug Contrave — to Nalpropion Pharmaceuticals for $73.5 million.
Under the plan, restructuring firm Province Inc. will serve as the liquidating estate’s wind-down professional, with former unsecured creditor committee members serving as advisers.
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