SIGA Technologies granted trimmed exclusivity extension of four months

By Kali Hays

New York, Jan. 14 – SIGA Technologies, Inc. received a reduced extension of its exclusive plan filing and solicitation periods from the U.S. Bankruptcy Court for the Southern District of New York, according to a Wednesday order.

SIGA had asked for a six-month extension, allowing its plan filing period to run through July 14, 2015 from Jan. 14 and its solicitation period through Sept. 16, 2015 from March 16.

Instead, the court order allowed the filing period to be extended through May 14 and the solicitation period through July 13.

Upon requesting the extension, SIGA said the “disputed status” of litigation with PharmAthene, Inc. would not allow it to formulate “a sensible Chapter 11 plan of reorganization.”

The company’s official committee of unsecured creditors objected to the extension, claiming that SIGA’s reasoning was “demonstrably incorrect” and that the company was merely “stalling.”

Wednesday’s order said that SIGA may seek an additional extension of its plan periods if needed.

Based in New York, SIGA Technologies develops and commercializes solutions for serious unmet medical needs and biothreats. The company filed for bankruptcy on Sept. 16 under Chapter 11 case number 14-12623.

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