Published on 22 Feb 2023 on Benzinga via Yahoo Finance
Bankrupt Sorrento Therapeutics Secures Court Approval for $75M Financing
Sorrento Therapeutics Inc (NASDAQ: SRNE) announced that the U.S. Bankruptcy Court for the Southern District of Texas granted interim approval of Sorrento's $75 million debtor-in-possession financing from JMB Capital Partners.The financing will provide Sorrento with immediate liquidity to continue operating its business as usual during its chapter 11 case.A hearing for final financing approval is currently set for March 29, 2023.Related: Sorrento Therapeutics Stock Nosedives After Filing Bankruptcy Paperwork.As of its chapter 11 filing, Sorrento had over approximately $1 billion in assets.Scilex Holding Company, majority-owned by Sorrento, is not a debtor in Sorrento's chapter 11 case. Scilex continues to operate as usual, focusing on growing revenues and offering non-opioid pain management products.Latham & Watkins LLP and Jackson Walker LLP serve as legal counsel to Sorrento. M3 Partners is serving as a restructuring advisor.Price Action: SRNE shares are up 10.9% at $0.44 on the last check Wednesday.
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.