Codiak BioSciences files Chapter 11 with $85.37 million in debt

By Sarah Lizee

Olympia, Wash., March 27 – Codiak BioSciences, Inc. filed Chapter 11 bankruptcy on Monday in the U.S. Bankruptcy Court for the District of Delaware.

Codiak said in a press release that it began a marketing process for some or all of its assets ahead of the Chapter 11 filing to determine the level of market interest and is in discussions with several parties.

In connection with the filing, Codiak has appointed Paul Huygens of Province, LLC as chief restructuring officer.

Codiak’s executive management team will be departing the company effective April 7. President and chief executive officer Douglas E. Williams will remain on the board.

The company said it will be filing various first-day motions with the bankruptcy court requesting customary relief that will enable it to transition into Chapter 11 without disruption to its ordinary course operations.

In its petition, the company listed 100 to 199 creditors, $106.17 million in assets and $85.37 million in debt.

No unsecured creditors were listed with claims of $1 million or more.

Codiak is represented by Young Conaway Stargatt & Taylor, LLP as legal adviser, and Province as financial adviser and provider of interim management services.

Codiak BioSciences is a clinical-stage biopharmaceutical company based in Cambridge, Mass. The Chapter 11 case number is 23-10350.

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