Codiak BioSciences Voluntarily Files For Bankruptcy Protection
(RTTNews) - Biopharmaceutical company Codiak BioSciences, Inc. (CDAK) announced Monday that it has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets which is intended to maximize the value of the Company.
The Company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several parties.
The Company expects to consummate a sale of the entire business or its core assets as soon as reasonably practicable.
In connection with the filing, Codiak has appointed Paul Huygens, Principal at Province, LLC, as Chief Restructuring Officer. Huygens will oversee the business and its restructuring process, working to execute the Company's business strategy and conduct a value-maximizing sale process.
The Company will be filing various "First-Day" motions with the Bankruptcy Court requesting customary relief that will enable the Company to transition into Chapter 11 without disruption to its ordinary course operations. Codiak expects these motions to be approved within the first few days of the case.
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