On Thursday, September 5, 2024, Sidley successfully obtained confirmation of Eiger Biopharmaceuticals’ Chapter 11 plan from the U.S. Bankruptcy Court for the Northern District of Texas.
Eiger BioPharmaceuticals, Inc., a Palo Alto, California-based biopharmaceutical company that developed treatments for rare metabolic diseases, filed for Chapter 11 bankruptcy on April 1, 2024.
Plan confirmation is the culmination of a wildly successful Chapter 11 case. At the outset of the case, the secured creditor attempted aggressive actions to shut the case down, arguing that the company was hopelessly insolvent. Through the plan that was just confirmed, the secured creditor will be paid in full, unsecured creditors will be paid in full with interest, and equity holders will receive a substantial distribution.
At the confirmation hearing, Sidley convinced the court to overrule the objections from the U.S. Trustee and approve a bankruptcy plan with opt-out third-party releases and full releases, and exculpations of officers and directors.
The team included Tom Califano, Bill Curtin, Anne Wallice, Andrew Townsell, Nathan Elner, Parker Embry, Jake Landreth, Amanda Rahie, Chelsea McManus, Veronica Courtney, and Daniela Rakowski (Restructuring); Carlton Fleming (Emerging Companies and Venture Capital); Suresh Advani and Daniel Altman (Tax); Stephen Abreu and BinQuan Zhuang (Technology and Life Sciences Transactions); Walter Carlson (Securities and Shareholder Litigation); and Jon Muenz (Commercial Litigation and Disputes).
