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Pear Therapeutics’ exclusivity should be limited, committee says
By Sarah Lizee
Olympia, Wash., Nov. 7 – Pear Therapeutics, Inc.’s motion seeking a second extension of its exclusive periods to file and solicit votes on a Chapter 11 plan drew a limited objection from the official committee of unsecured creditors, according to documents filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, 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.
While the committee said it is not opposed to a modest extension, it objects to the length of the second extension requested by the debtors, and there is no credible reason why the debtors need six months to file and solicit votes on a simple liquidating plan.
“The committee did not object to the debtors’ previous request for a 90-day extension in light of the facts and circumstances at the time,” the group said in the objection.
“However, given that the debtors sold substantially all of their assets in June 2023, ceased operations, and recently agreed to the material terms to settle the only pending adversary proceeding, the committee believes the debtors should be in position to quickly file a liquidating plan within the next 30 days.”
The committee has asked the court to limit the extension of the exclusive period to file a plan through Dec. 6.
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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