On May 1, 2016, BIND Therapeutics, Inc., and affiliated companies (“Debtors” or “BIND”) voluntarily filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code.
The filing comes days after the Cambridge, Mass., company received a notice of default from lender Hercules Technology III LP, which demanded immediate payment of the $14.5 million the lender says it is owed under the loan. The Company is backed by Koch Industry Inc.’s David Koch.
According to the First Day Declaration of Andrew Hirsch, President and Chief Executive Officer of the Debtors,BIND is a biotechnology company developing novel targeted therapeutics, primarily for the treatment of cancer. Bind Therapeutics’ website says it is developing drug treatments that use nanoparticles to treat cancer.
Per the declaration, the Debtors’ ultimate goal in bankruptcy is the maximization of estate value through a plan process, but also a marketing process in the event that other value-enhancing proposals that can be obtained. In the near term, the Debtors’ immediate objective is to maintain a business-as-usual atmosphere during the early stages of the bankruptcy, with as little interruption or disruption to the Debtors’ operations as possible.
The Debtors in these Chapter 11 cases are represented by Richards Layton & Finger, and Latham & Watkins LLP. The bankruptcy cases are pending before the Honorable Brendan L. Shannon.
Carl D. Neff is a partner with the law firm of Fox Rothschild LLP. Carl is admitted in Delaware and regularly practices before the United States Bankruptcy Court for the District of Delaware. You can reach Carl at (302) 622-4272.