Orexigen Therapeutics, a biopharmaceutical company focused on the treatment of obesity based in La Jolla, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-10518). According to the Petition, as of November 30, 2017, Orexigen had $265.1 million in assets and $226.4 million in liabilities. According to the First Day Declaration, Orexigen intends to sell substantially all of its assets under Section 363 of the Bankruptcy Code. The First Day Declaration also explains that Orexigen has obtained $70,000,000 in DIP Financing from certain of its pre-petition senior noteholders, which consists of $35 million in new money loans and a $35,000,000 roll up of existing indebtedness. Kurtzman Carson Consultants, LLC, is the proposed claims and noticing agent. The case has been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.