Martin Shkreli’s KaloBios Files Chapter 11: Full Bankruptcy Filing

Poetic justice for the pill guy…

Zerohedge:

In its bankruptcy filing, KBIO lists $8.4 million in assets and $1.9 milion in debt.

kbio20assets

How did the company’s truncated board decide on a Chapter 11 filing? From the filing:

Effective as of this 29th day of December, 2015, pursuant to a special telephonic meeting on the same date, the board of directors (collectively, the “Board of Directors”) of KaloBios Pharmaceuticals, Inc., a Delaware corporation (the “Corporation”), upon a motion duly made and acting pursuant to the Corporation’s organizational documents, took the following actions and adopted the following resolutions:

 

WHEREAS, the Board of Directors has considered information regarding the liabilities and liquidity of the Corporation, the strategic alternatives available to the Corporation, and the impact of the foregoing on the Corporation’s business; and

 

WHEREAS, the Board of Directors has had the opportunity to consult with the Corporation’s management and financial and legal advisors to fully consider each of the strategic alternatives available to the Corporation; and

 

WHEREAS, the Board of Directors has been presented with a proposed petition to be filed by the Corporation in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under the provisions of chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the “Bankruptcy Code”); and

 

WHEREAS, the Board of Directors desires to approve the following resolutions

 

NOW, THEREFORE, BE IT RESOLVED, that in the judgment of the Board of Directors, it is desirable and in the best interests of the Corporation, the creditors of the Corporation, and other interested parties that a voluntary petition (the “Petition”) be filed in the Bankruptcy Court by the Corporation to initiate a bankruptcy case (the “Chapter 11 Case”) under the provisions of chapter 11 of the Bankruptcy Code;

 

 

 

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