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Main image for Bankruptcy Court Approves Offer to Buy Tengion
News|Quote

Bankruptcy Court Approves Offer to Buy Tengion

Winston-Salem Journal

3.6.2015

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.”

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