Jun
15

KaloBios Bankruptcy Plan, Shkreli Settlement Win Court Approval

By

KaloBios Pharmaceuticals Inc. won bankruptcy court approval of a reorganization plan that shrinks former Chief Executive Officer Martin Shkreli’s stake to about 14 percent.

U.S. Bankruptcy Judge Laurie Silverstein agreed to the plan at a hearing Wednesday in Wilmington, Delaware. The proposal was accepted by all classes entitled to vote and “all parties are receiving more than they would receive in a liquidation,” she said.

The drugmaker filed for bankruptcy in December, shortly after he was arrested on fraud charges related to other businesses he was involved in. He denies the allegations. As a result of additional shares being issued, Shkreli’s stake in KaloBios would shrink to about 14 percent from about 47 percent…

KaloBios Bankruptcy Plan, Shkreli Settlement Win Court Approval

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.