Savient Gets Nod For Ch. 11 Disclosure Statement

Law360, Wilmington (March 17, 2014, 8:11 PM EDT) -- A Delaware bankruptcy judge on Monday approved Savient Pharmaceuticals Inc.'s Chapter 11 disclosure statement, allowing the drug developer to solicit votes for a liquidation plan that would see creditors divvy up proceeds from its $120 million sale.

At a hearing in Wilmington, Del., U.S. Bankruptcy Judge Mary F. Walrath endorsed the disclosure statement after ruling that a pair of objections from Savient shareholders dealt with the plan itself and should thus be handled at confirmation.

“I think it is adequate, and having overruled the shareholder objections,...
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