Savient Pharma Unveils Ch. 11 Plan

Law360, New York (February 10, 2014, 7:01 PM EST) -- Drug developer Savient Pharmaceuticals Inc. unveiled its Chapter 11 plans in Delaware bankruptcy court Monday, calling for the liquidation of its U.S. and international assets that were not picked up by Crealta Pharmaceuticals LLC at auction.

Under the proposed plan's terms, Savient would form a liquidation committee to move forward with selling off all the assets not picked in the $120 million deal with Crealta, according to court documents. The plan also said that all administrative and priority claims would be paid in full while roughly...
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