Sidley successfully led the Chapter 11 cases for Impel Pharmaceuticals, a commercial-stage drug developer with an emphasis on treating central nervous system conditions using a proprietary nasal drug delivery apparatus, and one of its subsidiaries. These cases culminated with the confirmation of their liquidation plan by Chief Judge Stacey G. C. Jernigan in the Bankruptcy Court for the Northern District of Texas on April 1, 2024.
Impel Pharmaceuticals’ revised first amended plan of liquidation was accepted by its two voting classes — Class 3 prepetition term loan claims and Class 4 general unsecured claims. The company’s leadership believes the plan will provide sufficient liquidity for the company to wind down, pay all allowed administrative and priority claims, and maximize recoveries for its stakeholders.
On February 1, 2024, Judge Jernigan approved the sale of substantially all of the company’s assets to stalking horse bidder JN Bidco LLC.
Sam Newman, Rakhee Patel, and Jackson Garvey (all Restructuring) led the Sidley team, which included Steve Hessler, Nate Elner, Parker Embry, Chelsea McManus, and Andreas Rauch (all Restructuring).