secwatch.observer — SEC 8-K summary
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Issuer:     Sorrento Therapeutics, Inc. (—)
CIK:        0000850261
Form:       8-K
Filed at:   2023-07-10T23:59:59+00:00
Accession:  0001104659-23-079246
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sorrento obtains $20M junior DIP loan from Scilex; interim court approval granted
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- Bankruptcy court entered interim order July 5, 2023 approving $20M junior DIP loan from Scilex Holding Co.
- Loan bears 12% PIK interest, matures on earliest of Sept 30, 2023, plan effective date, asset sale, or conversion.
- Proceeds used for working capital, professional fees, and interest on senior $75M DIP facility from JMB Capital.
- Junior DIP facility is subordinated to senior $75M DIP facility under intercreditor agreement.
- Final hearing for approval of junior DIP facility is scheduled for July 24, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/850261/000110465923079246/0001104659-23-079246-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/850261/000110465923079246/tm2320867d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-079246

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