Achaogen Plans for Near-Term Sale Using Structured Process Through Chapter 11 of the U.S. Bankruptcy Code
ACHAOGEN (AKAO)
Last achaogen earnings: 3/28 04:01 pm
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US:NASDAQ Investor Relations:
investors.achaogen.com/investor-overview
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Source: GlobeNewswire
SOUTH SAN FRANCISCO, Calif., April 15, 2019 (GLOBE NEWSWIRE) -- Achaogen, Inc. (Nasdaq: AKAO), a biopharmaceutical company developing and commercializing innovative antibacterial agents to address multi-drug resistant (MDR) gram-negative infections, announced today that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the Court). Achaogen has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. Achaogen has filed a series of motions with the Court seeking to ensure the continuation of normal operations during this process. Achaogen has the support of its secured lender, Silicon Valley Bank, which has made a $25 million financing commitment to fund the Company’s operations through the auction and sale process. The Company believes that this commitment provides it with sufficient liquidity to continue to meet its operational and
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