According to the U.S. Bankruptcy Court docket, SIGA Technologies filed a third motion to further extend a four-month the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 14, 2015 and February 16, 2016, respectively.
The motion explains, “SIGA is committed to negotiating an appropriate consensual plan of reorganization with the Committee while it concurrently pursues its appeal of the PharmAthene Litigation or a settlement of such litigation. The requested extension of the Exclusive Periods will enable the plan process to continue to unfold in a reasonable manner, avoid the disruption, expense and loss of value inevitably attendant to a competing plan scenario, will maximize the possibility of reaching a consensus, and will enable the Debtor to achieve a successful reorganization for the benefit of all economic stakeholders..”
The motion continues, “In addition to the ongoing plan negotiations, the current status of the appeal in the PharmAthene Litigation to the Delaware Supreme Court and its imminent resolution alone constitute sufficient cause to grant the requested extension of the Exclusive Periods…. The amount of PharmAthene’s claim, if any, will impact materially the Debtor’s liquidity and financial position, the appropriate treatment to be provided to holders of claims and SIGA’s public stockholders and, thus, the structure of any rational chapter 11 Plan.” The Court scheduled an August 18, 2015 hearing to consider the motion, with objections and responses due by August 11, 2015.
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