A Sidley team represented Impel Pharmaceuticals and one of its subsidiaries in filing for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas on December 19, 2023. The drug maker listed $126.9 million in debt and indicated that it plans to sell itself as a going concern.
Impel’s estimated debt includes a series of prepetition-secured loans with a principal total of $121.5 million and $2 million in unsecured trade debt and other obligations, according to the declaration. Impel’s assets include intellectual property, inventory, equipment, and cash. According to Impel’s first-day filings, the company plans to hold a going concern bankruptcy auction early next year with a $17.5 million stalking horse bid from JN Bidco LLC lined up, subject to overbidding.
The Seattle, Washington-based commercial-stage drug developer has an emphasis on treating central nervous system conditions using a proprietary nasal drug delivery apparatus. In 2021, it launched Trudhesa, a nasal-spray treatment for acute migraine relief.
The team is led by Sam Newman and Rakhee Patel (both Restructuring) and includes Steve Hessler, Jackson Garvey, Nate Elner, Parker Embry, and Chelsea McManus and Andreas Rauch (all Restructuring).
