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Vivus Eases Equity Committee ‘Death Trap’ In Ch. 11 Plan

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Vivus Eases Equity Committee ‘Death Trap’ In Ch. 11 Plan

Vivus Eases Equity Committee ‘Death Trap’ In Ch. 11 Plan

Law360 (August 5, 2020, 10:27 PM EDT) — Bankrupt biopharmaceutical company Vivus Inc. has agreed to drop some Chapter 11 plan terms that shareholders called a “death trap” for potential equity committee organizers or those stockholders who reject some plan provisions, with wiped-out stockholders now scheduled to battle for their own panel on Friday.

Vivus said in a motion filed with the court that it dropped some of the restrictions “in an effort to accommodate certain requested revisions” to the $235 million prepackaged plan made by the Office of the United States Trustee, with the consent of supporting noteholders. Struck from disqualifying actions were those deemed to “frustrate” company plan…

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