Sorrento Therapeutics, Inc.: going-concern / distress — Sorrento Therapeutics files Chapter 11, secures $75M DIP financing with $30M initial draw

Sorrento Therapeutics, Inc.

Filed Chapter 11 on Feb 13, 2023; jointly administered with Scintilla Pharmaceuticals.
Entered DIP Term Sheet with JMB Capital for up to $75M super-priority senior secured term loan.
Bankruptcy Court approved interim $30M draw on Feb 21, 2023; interest rate 14% per annum.
DIP facility matures earliest of July 31, 2023, plan effective date, or asset sale.
Proceeds for working capital, professional fees, and DIP expenses; no roll-up of prepetition debt.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Sorrento Therapeutics, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-02-13).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2023-02-13

Exact text from the filing

On February 13, 2023, Sorrento Therapeutics, Inc. (“Sorrento” or the “Company”) and its wholly-owned direct subsidiary, Scintilla Pharmaceuticals, Inc. (together with the Company, the “Debtors”), commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001104659-23-023902

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