Savient Pharmaceuticals Inc., a developer of a treatment for gout before its business was sold, got approval of a liquidating chapter 11 plan, with Bankruptcy Judge Mary Walrath signing a confirmation order on May 19, Bloomberg News reported yesterday. The only unresolved objections to the plan, overruled by Judge Walrath, were those of Savient’s shareholders, who said that the cancellation of their holdings was unfair. Chief Liquidation Officer Matthew Bazley said the proceeds of a $120.4 million sale to Crealta Pharmaceuticals LLC weren’t sufficient to cover creditor claims and provide a distribution to shareholders. The liquidating plan was made possible by a settlement between secured noteholders and unsecured creditors following the official creditors’ committee’s challenge to the validity of the secured noteholders’ $147.5 million claim.
