March 12, 2018 / 5:16 AM / 3 months ago

BRIEF-Orexigen Therapeutics says plans near-term sale through Chapter 11 of U.S. bankruptcy code

March 12 (Reuters) - Orexigen Therapeutics Inc:

* OREXIGEN THERAPEUTICS, INC. PLANS FOR NEAR-TERM SALE USING STRUCTURED PROCESS THROUGH CHAPTER 11 OF U.S. BANKRUPTCY CODE

* ‍ELECTED TO FILE A VOLUNTARY PETITION UNDER CHAPTER 11 OF BANKRUPTCY CODE IN U.S. BANKRUPTCY COURT FOR DISTRICT OF DELAWARE​

* OREXIGEN THERAPEUTICS- ‍INTENDS TO FILE A MOTION SEEKING AUTHORIZATION TO PURSUE AN AUCTION AND SALE PROCESS UNDER SECTION 363 OF U.S. BANKRUPTCY CODE​

* OREXIGEN THERAPEUTICS - ‍PROPOSED BIDDING PROCEDURES WOULD REQUIRE INTERESTED PARTIES TO SUBMIT BINDING OFFERS TO BUY SUBSTANTIALLY ALL OF CO’S ASSETS​

* PROPOSED ‍BIDS EXPECTED TO BE SUBMITTED BY MAY 21, 2018​

* OREXIGEN THERAPEUTICS-‍HAS SUPPORT OF CONTROLLING NUMBER OF SENIOR SECURED NOTEHOLDERS FOR PROCESS, WHO HAVE MADE A $35 MILLION FINANCING COMMITMENT​ Source text for Eikon: Further company coverage:

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