VBI Vaccines Inc/BC: going-concern / distress — VBI Vaccines files for CCAA creditor protection; DIP loan of $2.5M at 17.5%

VBI Vaccines Inc/BC

Ontario Superior Court granted CCAA protection on July 29, 2024; Ernst & Young appointed monitor.
K2 HealthVentures provides up to $2.5M DIP facility at 17.5% interest to fund operations during proceedings.
VBI will seek Chapter 15 in US and Israeli insolvency protection; SISP for asset sale expected.
Company notified Nasdaq of expected delisting and cessation of public reporting.
Restructuring triggers default under existing Loan Agreement; obligations accelerated with 5% default interest increase.

item 1.03 item 2.03 item 2.04 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

VBI Vaccines Inc/BC entered chapter 15 in U.S. Bankruptcy Court for the District of Delaware (petition 2024-07-29).

Proceeding: chapter 15
Court: U.S. Bankruptcy Court for the District of Delaware
Petition: 2024-07-29

Exact text from the filing

the Company and certain of its subsidiaries intend to commence a case under Chapter 15 of the United States Bankruptcy Code (the “ Bankruptcy Code ”) under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

VBI Vaccines Inc/BC entered chapter 11 in Ontario Superior Court of Justice (Commercial List) (petition 2024-07-29).

Proceeding: chapter 11
Court: Ontario Superior Court of Justice (Commercial List)
Petition: 2024-07-29

Exact text from the filing

On July 29, 2024, after considering all strategic alternatives following consultation with its legal and financial advisors, VBI Vaccines Inc. (the “ Company ”) and its subsidiaries commenced voluntary restructuring under the jurisdiction of the Ontario Superior Court of Justice (Commercial List) pursuant to the Companies’ Creditors Arrangement Act

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Source: SEC EDGAR

accession 0001493152-24-029537

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