Biora Therapeutics, a San Diego biotech firm developing innovative oral drug delivery systems, has moved to reject seven service contracts in its Delaware bankruptcy case. The company, which filed Chapter 11 in December 2024, seeks to streamline operations while pursuing a sale of its assets. The targeted contracts include security systems, document storage, and facility maintenance services.
Healthcare provider Prospect Medical Holdings has filed for Chapter 11 bankruptcy protection, citing COVID-19 impacts and pension obligations. The operator of 16 hospitals across four states has secured $100 million in DIP financing and plans to sell its PhysicianCo division for $745 million as part of its restructuring efforts.
The Roman Catholic Archbishop of Baltimore has requested additional time to file its Chapter 11 reorganization plan, seeking a 69-day extension amid ongoing negotiations with insurers and complex claim reviews. The motion, filed January 9, 2025, would extend the plan filing deadline to March 31, 2025, as the archdiocese works toward a comprehensive resolution of abuse-related claims.
The Diocese of Rochester has filed a modified Chapter 11 plan proposing a $126.35 million settlement fund for abuse survivors, with potential to increase to $297.35 million if insurer CNA agrees to contribute. The plan includes $55 million from the diocese and other Catholic entities, plus $71.35 million from insurance settlements.
Biora Therapeutics has filed a motion seeking approval of bidding procedures in its Delaware bankruptcy case, proposing a stalking horse bid from its DIP lenders that includes a $30 million credit bid. The medical technology company, which filed Chapter 11 on December 27, 2024, aims to complete an auction process by February 20, 2025, as it seeks to maximize value for its innovative drug delivery technology assets.
