Vivus Eases Equity Committee 'Death Trap' In Ch. 11 Plan

Law360 (August 5, 2020, 10:27 PM EDT) -- Bankrupt biopharmaceutical company Vivus Inc. has agreed to drop some Chapter 11 plan terms that shareholders called a "death trap" for potential equity committee organizers or those stockholders who reject some plan provisions, with wiped-out stockholders now scheduled to battle for their own panel on Friday.

Vivus said in a motion filed with the court that it dropped some of the restrictions "in an effort to accommodate certain requested revisions" to the $235 million prepackaged plan made by the Office of the United States Trustee, with the consent of supporting noteholders. Struck from disqualifying actions were those deemed to "frustrate" company plan...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!