New Chapter 11 Filing – Tricida, Inc.
On January 11, 2023, Tricida, Inc. (NASDAQ: TCDA), a California-based clinical-stage biopharmaceutical company focused on slowing chronic kidney disease filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 23-10024). The company reports approximately $94 million in assets and $230 million in liabilities. According to the first day declaration, the company seeks to run a sale process for some or all of its assets, has entered into an RSA with the support of over 80% of convertible noteholders and seeks to confirm a plan of liquidation by mid-April 2023.
Cole Schotz does not represent the Debtor in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtor’s counsel.
Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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