Pear Therapeutics receives extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 14 – Pear Therapeutics, Inc.’s motion seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan was approved, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period through Feb. 5 from Nov. 6 and the exclusive solicitation period through April 1 from Jan. 2.

As previously reported, the official committee of unsecured creditors had asked the court to grant a shorter extension, arguing that 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 had asked the court to limit the extension of the exclusive period to file a plan through Dec. 6.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.