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Case 2390085 Document 1581 Filed in TSB on 11/21/23-Page 1 of 19UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION In re: Sorrento Therapeutics, Inc., et al.,1 Debtors. Sorrento
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Chapter 11 Sorrento formrapeutics refers to a specific type of bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code by Sorrento Therapeutics, which allows the company to reorganize its debts and continue operations while restructuring its finances.
Any financially distressed business, including Sorrento Therapeutics, that seeks to reorganize its debts and continue operations may file for Chapter 11 bankruptcy. This can include corporations, partnerships, and sole proprietorships.
Filing for Chapter 11 involves completing specific forms detailing the company’s financial status, including its assets, liabilities, income, and expenses. Legal advice is recommended to ensure proper completion and adherence to bankruptcy court requirements.
The purpose of filing Chapter 11 by Sorrento Therapeutics is to enable the company to restructure its debts, develop a plan for repayment, and retain operational control while working through financial difficulties.
Information that must be reported includes a list of creditors, the company’s financial statements, a projection of future earnings, and a proposed plan for restructuring debts.
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