Sorrento Therapeutics, Inc.

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Case overview

Case Number:

4:23-bk-90085

Court:

Texas Southern

Nature of Suit:

Firms

Companies

Sectors & Industries:

  1. August 25, 2023

    Sorrento Approved For $105M Scilex Stock Sale In Ch. 11

    Bankrupt drug developer Sorrento Therapeutics received approval Friday in Texas court for a $105 million sale of its stake in subsidiary Scilex Holding Co. after a bankruptcy judge declined to reopen the auction for those assets as requested by other Scilex shareholders who wished to make a bid.

  2. August 07, 2023

    Sorrento OK'd For New $100M Ch. 11 DIP Loan In Texas

    Bankrupt drug developer Sorrento Therapeutics secured a Texas judge's approval Monday for a $100 million emergency replacement of an expired debtor-in-possession loan from Oramed Pharmaceuticals, after the debtor set aside a proposed $200 million offer for stock in non-debtor affiliate Scilex Holding Co.

  3. August 01, 2023

    Sorrento Hits Snag On $200M Scilex Stock Sale In Ch. 11

    Bankrupt drug developer Sorrento Therapeutics told a Texas judge Tuesday that its planned $200 million sale of its equity in nondebtor subsidiary Scilex Holding Co. had hit a snag, forcing the debtor to explore other potential partners for a deal.

  4. July 19, 2023

    Sorrento Asks For Stay Of Employment Suit Against CEO

    Bankrupt pharmaceutical company Sorrento Therapeutics asked a Texas judge for a ruling that the Chapter 11 automatic stay applies to a state court employment suit against its CEO because the debtor is obligated to indemnify the executive for his defense costs.

  5. July 14, 2023

    Sorrento DIP Lender Opposes Short-Selling Settlement

    Bankrupt drug developer Sorrento Therapeutics' debtor-in-possession lender asked a Texas bankruptcy court Friday to reject Sorrento's request to settle an investor adversary action with a stock offering, saying both the lawsuit and the stock are its collateral.

  6. July 05, 2023

    Sorrento Therapeutics Cleared For New $20M Loan In Ch. 11

    Bankrupt drug developer Sorrento Therapeutics Inc. received court approval Wednesday for a $20 million debtor-in-possession financing package that will provide additional liquidity for the company as it pursues a sale and marketing process.

  7. July 03, 2023

    Sorrento Therapeutics Seeks New $20M DIP Loan

    Sorrento Therapeutics is seeking approval of a second debtor-in-possession financing loan in its Chapter 11 case, saying the $75 million DIP it obtained at the outset of its Chapter 11 case in February is set to run out this week.

  8. March 27, 2023

    Sorrento Therapeutics Agrees To Shareholder Committee

    Sorrento Therapeutics reached a deal Monday with a shareholder group to allow an official equity committee in its Chapter 11 case at a hearing where a Texas bankruptcy judge expressed doubts about the pharmaceutical research company's claimed valuation.

  9. March 20, 2023

    NantCell Kicked Off Creditor Committee In Sorrento Ch. 11

    A Texas judge removed NantCell Inc. from the unsecured creditors committee in the Chapter 11 case of drugmaker Sorrento Therapeutics on Monday, saying the group's activity is hampered by procedures put in place to address NantCell's conflicts of interest in the case.

  10. March 17, 2023

    Sorrento Shareholders Say They Need Committee In Ch. 11

    Shareholders in pharmaceutical research company Sorrento Therapeutics have asked a Texas bankruptcy judge to order the appointment of a committee to represent them in Sorrento's Chapter 11 case and investigate potential claims against the company's management.