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Pear Therapeutics eyes second extension of exclusive plan periods
By Sarah Lizee
Olympia, Wash., Oct. 25 – Pear Therapeutics, Inc. is seeking a second extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
The company asked the court to extend the exclusive plan filing period through Feb. 5 from Nov. 6 and the exclusive solicitation period through April 1 from Jan. 2.
The company said the debtors, the official committee of unsecured creditors and plaintiffs in WARN Act litigation agreed to enter into voluntary mediation. A mediation session occurred on Oct. 19, and all parties agreed to adjourn an oral argument hearing pending documentation of a proposed settlement agreement.
“The contemplated resolution of the adversary proceeding is a significant step forward in the debtors’ process of proposing a Chapter 11 plan of liquidation,” the company said in the motion.
The debtors are working with the committee and the plaintiffs to memorialize the settlement.
“Now that the debtors have completed the liquidation of the majority of their assets and hopefully resolved the adversary proceeding in principle, the debtors can turn their focus to finalizing and submitting a plan of liquidation incorporating the terms of any such settlement agreement and bringing these Chapter 11 cases to a close,” Pear said.
A hearing is scheduled for Dec. 4.
Boston-based Pear Therapeutics develops and commercializes software-based medicines called prescription digital therapeutics. The company filed bankruptcy on April 7, 2023 under Chapter 11 case number 23-10429.
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