Melinta Creditor Deal OK Clears Path To Ch. 11 Plan Approval

Law360 (March 13, 2020, 10:55 PM EDT) -- A restructuring support agreement that forms the basis of the Chapter 11 plan of pharmaceutical company Melinta Therapeutics Inc. received court approval Friday in Delaware bankruptcy court, paving the way for consensual confirmation of the plan next month.

During a hearing in Wilmington, debtor attorney David R. Hurst of McDermott Will & Emery LLP told the court that a deal with unsecured creditors and secured creditor and plan sponsor Deerfield Management Co. had been reached that creates a smooth runway toward an April 2 confirmation hearing.

The terms of the deal were reached after a thorough investigation of the debtor's potential...

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