Melinta's Ch 11. Consolidation Is 'Unjustified,' Objectors Say
Law360 (February 14, 2020, 8:25 PM EST) -- Bankrupt antibiotics maker Melinta Therapeutics Inc. received two objections Friday to its proposed Chapter 11 plan that seeks to substantively consolidate its various entities' debts for distributions to creditors, a move derided by a significant creditor and the U.S. trustee as unjustified.
In the objections filed in Delaware court, unsecured creditor Vatera Healthcare Partners LLC said Melinta's Chapter 11 plan disclosure statement doesn't provide any information about why the debtor is asking to substantively consolidate the estates in the bankruptcy case for the purposes of distributions to creditors. Such consolidation allows the pooling of the assets and liabilities of all the...
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