A U.S. Bankruptcy Court judge in Delaware approved a turnkey ownership offer on Friday from two former Tengion Inc. executives for the regenerative-medicine company’s assets.
Tengion filed for volunteer Chapter 7 bankruptcy protection Dec. 29. Tengion listed $2.78 million in assets and $32.7 million in liabilities, including $31.6 million held by secured creditors.
RegenMedTX LLC offered a private sale for all of Tengion’s assets, including tissue engineering research samples and taking over office leases in Winston-Salem. The bid represented $1.5 million in cash and a waiver of more than $20 million in secured claims by creditors Celgene Corp, RA Capital Healthcare Funds and Deerfield Special Solutions Fund LP.
The closing is scheduled for Monday, according to Jeffrey Testa of McCarter & English LLP, the law firm representing trustee Charles Stanziale.
“The trustee and his team worked tirelessly to find a buyer to preserve Tengion’s cutting-edge technology, save jobs and bring a substantial cash infusion into the estate,” Testa said. “We are very pleased with the result.”