Sorrento Therapeutics, Inc.

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Case overview

Case Number:

4:23-bk-90085

Court:

Texas Southern

Nature of Suit:

Firms

Companies

Sectors & Industries:

January 05, 2024
Latham Denies Exploiting Texas Judge Scandal For Fees

Latham & Watkins LLP has fired back against accusations it knowingly exploited an improper relationship between a Texas judge and an attorney to inflate its fees during the bankruptcy of Sorrento Therapeutics Inc., claiming the firm had absolutely no knowledge of the headline-grabbing ethics scandal before the news broke last fall.
November 30, 2023
Sorrento Gets OK For 5-Month Ch. 11 Wind-Down

A Texas bankruptcy judge on Thursday approved drug developer Sorrento Therapeutics Inc.'s disclosure statement and its Chapter 11 liquidation plan, which would go into effect in five months, possibly offering the debtor an opportunity to find an alternative to liquidation.
November 29, 2023
Sorrento Investors Ask To Probe Counsel Conflicts In Ch. 11

Shareholders of bankrupt drug developer Sorrento Therapeutics Inc. have demanded the company turn over information about the debtor's counsel getting advice from an attorney who was romantically involved with the judge that formerly presided over the case.
October 18, 2023
Sorrento Cleared For $20M JV Sale In Ch. 11 Case

Bankrupt drug developer Sorrento Therapeutics Inc. received court approval Wednesday in Texas for a $20 million sale of its stake in a joint venture to its South Korean partner, giving it access to much-needed cash as it pursues a Chapter 11 plan.
October 12, 2023
Sorrento Seeks Quick Timeline On Process For Ch. 11 Plan

Sorrento Therapeutics Inc. has asked a Texas bankruptcy judge for a speedy hearing on its disclosure statement for its Chapter 11 plan, saying delay may eat up value creditors can recover.
October 11, 2023
Sorrento To Sell JV Stake For $20M In 'Urgent' Bid For Cash

Sorrento Therapeutics Inc. has asked a Texas bankruptcy judge to approve a sale of its stake in a joint venture with pharmaceutical company Yuhan Corp. to the South Korean firm for $20 million, citing an immediate need for liquidity to cover Chapter 11 expenses.
September 12, 2023
Sorrento OK'd For Alternative $110M Ch. 11 Stock Sale

Bankrupt drug developer Sorrento Therapeutics received a Texas court's approval Tuesday for subsidiary Scilex Holding Co. to buy its own stock back from its parent for $110 million after the original buyer said closing conditions weren't met for its court-approved acquisition.
August 25, 2023
Sorrento Approved For $105M Scilex Stock Sale In Ch. 11

Bankrupt drug developer Sorrento Therapeutics received approval Friday in Texas court for a $105 million sale of its stake in subsidiary Scilex Holding Co. after a bankruptcy judge declined to reopen the auction for those assets as requested by other Scilex shareholders who wished to make a bid.
August 07, 2023
Sorrento OK'd For New $100M Ch. 11 DIP Loan In Texas

Bankrupt drug developer Sorrento Therapeutics secured a Texas judge's approval Monday for a $100 million emergency replacement of an expired debtor-in-possession loan from Oramed Pharmaceuticals, after the debtor set aside a proposed $200 million offer for stock in non-debtor affiliate Scilex Holding Co.
August 01, 2023
Sorrento Hits Snag On $200M Scilex Stock Sale In Ch. 11

Bankrupt drug developer Sorrento Therapeutics told a Texas judge Tuesday that its planned $200 million sale of its equity in nondebtor subsidiary Scilex Holding Co. had hit a snag, forcing the debtor to explore other potential partners for a deal.