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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, July 6, 2024, Vol. 28, No. 187
Headlines
ACORDA THERAPEUTICS: Narrows Net Loss to $5.6 Million in May
EBIX INC: Widens Net Loss to $11.5 Million in May
EIGER BIOPHARMACEUTICALS: Posts $21.27 Million Net Loss in May
SVB FINANCIAL: Posts $24.88 Million Net Loss in May
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ACORDA THERAPEUTICS: Narrows Net Loss to $5.6 Million in May
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Acorda Therapeutics Inc. filed with the U.S. Securities and
Exchange Commission its monthly operating report for May 2024.
The Debtor's statement of operations reflected a net loss of $5.6
million for the current period, a significant decrease from the
$20.8 million net loss in April.
As of May 31, 2024, the Debtor listed $546 million in total assets,
$259.6 million in total liabilities, and $286.5 million in total
shareholders' equity.
The Debtor started the month with $12.2 million cash. It listed
total cash receipts of $12.4 million and total disbursements of
$7.2 million. At month end, the Debtor had $17.5 million cash.
A copy of the monthly operating report is available at the SEC at:
https://tinyurl.com/nvz5jary
About Acorda Therapeutics
Acorda Therapeutics Inc. is a biopharmaceutical company that has
developed breakthrough products, therapies, and biotechnology to
restore function and improve the lives of people with neurological
disorders. INBRIJA is approved for intermittent treatment of OFF
episodes in adults with Parkinson's disease treated with
carbidopa/levodopa.
Acorda Therapeutics Inc. and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 24-22284) on April 1, 2024. In the petition signed by Michael
A. Gesser, as chief financial officer, the Debtor disclosed total
assets as of Dec. 31, 2023, of $108,525,000 and total debt as of
Dec. 31, 2023, of $266,204,000.
The Honorable Bankruptcy Judge David S. Jones handles the case.
The Debtor tapped Baker McKenzie as legal counsel; Togut, Segal &
Segal LLP as conflicts counsel; Ernst & Young as financial advisor;
and Ducera Partners and Leerink Partners as investment bankers.
Kroll Restructuring Administration is the claims agent.
Merz is being advised by Freshfields Bruckhaus Deringer US LLP as
legal counsel, Morgan Stanley as investment banker, and Deloitte as
financial and tax advisors. Senior Convertible Noteholders are
being advised by King & Spalding as legal counsel and Perella
Weinberg Partners as investment banker.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
EBIX INC: Widens Net Loss to $11.5 Million in May
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Ebix Inc. filed with the U.S. Securities and Exchange Commission
its monthly operating report for May 2024.
The Debtor's statement of operations reflected a net loss of $11.5
million for May, compared to a net loss of $5.4 million in April.
As of May 31, 2024, the Debtor listed $547.9 million in total
assets, $1.1 billion in total liabilities, and -$515.6 million in
total shareholders' equity.
The Debtor started the month with $10.4 million cash. It listed
total cash receipts of $21.7 million and total disbursements of
$19.8 million. At month end, the Debtor had $12.3 million cash.
A copy of the monthly operating report is available at the SEC at:
https://tinyurl.com/33mww28k
About Ebix, Inc.
Ebix Inc. -- https://www.ebix.com/ -- is headquartered in Atlanta,
Ga., and it supplies software and electronic commerce solutions to
the insurance industry. With approximately 200 offices across six
continents, Ebix, (NASDAQ: EBIX) endeavors to provide on-demand
infrastructure exchanges to the insurance, financial services,
travel and healthcare industries.
Ebix and its affiliates filed Chapter 11 petitions (Bankr. N.D.
Texas Lead Case No. 23-80004) on Dec. 17, 2023. At the time of the
filing, Ebix reported between $500 million and $1 billion in both
assets and liabilities.
Judge Scott W. Everett oversees the cases.
The Debtors tapped Sidley Austin, LLP as bankruptcy counsel;
Alixpartners, LLP as financial advisor; and Jefferies, LLC as
investment banker. Omni Agent Solutions, Inc. is the claims
agent.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by McDermott Will & Emery, LLP.
EIGER BIOPHARMACEUTICALS: Posts $21.27 Million Net Loss in May
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Eiger BioPharmaceuticals, Inc. filed with the U.S. Securities and
Exchange Commission its monthly operating report for May 2024.
The Debtor's statement of operations reflected a net loss of $21.27
million for the current reporting period.
As of May 31, 2024, the Debtor listed $56.5 million in total
assets, $50.17 million in total liabilities, and $6.33 million in
total shareholders' equity.
The Debtor started the month with $11.96 million cash. It listed
total cash receipts of $25.25 million, and total disbursements of
$4.85 million. At month end, the Debtor had $32.36 million cash.
A copy of the monthly operating report is available at the SEC at:
https://tinyurl.com/y2dneu4m
About Eiger BioPharmaceuticals
Palo Alto, California-based Eiger BioPharmaceuticals, Inc., is a
commercial-stage biopharmaceutical company focused on the
development of innovative therapies for rare metabolic diseases.
The company's shares traded on Nasdaq under the symbol "EIGR".
Eiger Biopharmaceuticals Inc. and its subsidiaries sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas
Lead Case No. 24-80040) on April 1, 2024. In its petition, Eiger
listed $38.8 million in assets and $53.1 million in liabilities as
of the bankruptcy filing.
Judge Stacey G. Jernigan oversees the cases.
The Debtors are represented by Sidley Austin LLP as legal counsel,
Alvarez & Marsal as financial advisor and SSG Capital Advisors, LLC
as restructuring investment banker. Kurtzman Carson Consultants LLC
is the claims agent.
SVB FINANCIAL: Posts $24.88 Million Net Loss in May
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SVB Financial Group filed with the U.S. Securities and Exchange
Commission its monthly operating report for May 2024.
The Debtor's statement of operations reflected a net loss of $24.88
million in the current reporting period.
As of May 31, 2024, the Debtor listed $3.57 billion in total
assets, $3.53 billion in total liabilities, and $4.63 million in
total shareholders' equity.
The Debtor started the month with $197.27 million cash. It listed
total cash receipts of $71.83 million and total disbursements of
$53.5 million. At month end, the Debtor had $215.6 million cash.
A copy of the monthly operating report is available at the SEC at:
https://tinyurl.com/bddbwyrz
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
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