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SIGA Technologies Hiring Denied

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According to the U.S. Bankruptcy Court docket, the Court issued an order denying SIGA Technologies’ statutory creditors’ committee’s motion to retain Guggenheim Securities as financial advisor and investment banker. According to the docket, this ruling comes after the Court considered objections filed by the Company, the U.S. Trustee assigned to the case and Esopus Creek Value Series Fund. The original retention motion had explained, “SIGA has carefully avoided asserting it is solvent, and even if it asserts solvency, its ability to function, to obtain FDA approval of its main drug, and to earn revenue is tentative and at risk, thereby putting the Committee’s constituency’s recovery at risk. At the suggestion of the Committee, SIGA and PharmAthene have agreed to nonbinding mediation of the remaining disputes.”

The retention motion continues, “Guggenheim Securities’ professionals are long-term veterans of the restructuring industry and have an extensive track record of supporting, facilitating, and structuring consensual transactions and chapter 11 plans. As is true of the Committee’s attorneys, Guggenheim Securities’ professionals are also well acquainted with SIGA’s legal and financial professionals, which the Committee believes will assist in efforts to pursue a productive dialogue with SIGA and other key stakeholders.” Learn more about the SIGA Chapter 11 case.