IPI Legacy Liquidation Co., Formerly Known as Impel Pharmaceuticals, Announces Confirmation and Effective Date of Joint Plan of Liquidation
Impel's Common Stock to Be Cancelled, With No Action Required by Shareholders
SEATTLE, April 5, 2024 /PRNewswire/ -- IPI Legacy Liquidation Co., formerly known as Impel Pharmaceuticals Inc., ("Impel") and its affiliate, Impel NeuroPharma Australia PTY LTD, (together with Impel, the "Debtors") today announced April 5, 2024 as the effective date of their Revised First Amended Joint Plan of Liquidation (the "Effective Date" and the "Plan," respectively). This follows the confirmation of the Plan by the U.S. Bankruptcy Court for the Northern District of Texas on April 2, 2024 and the closing of the sale of substantially all of the Debtors' assets to JN Bidco LLC on February 12, 2024.
Following the Effective Date, the Debtors' remaining business and assets will be liquidated, and Impel will be dissolved. The shares of Impel's existing common stock (CUSIP No. 45258K109) (the "Common Stock") will also be cancelled as of the Effective Date, with no action required by shareholders. The CUSIP for the Common Stock will not remain open, and there will be no post-Effective Date trading of the Common Stock. There will be no exchange of the Common Stock, and holders of the Common Stock do not need to surrender their shares.
Stakeholders with questions can contact the Company's claims agent, Omni Agent Solutions, at [email protected] or (888) 202-6183, or (747) 288-6396 for international calls. Details of the restructuring, the wind-down of the Debtors, the terms of the Plan, and the other agreements entered into as part of the Plan may be viewed at Omni's case website at https://omniagentsolutions.com/Impel.
The Debtors were represented in their chapter 11 cases by Sidley Austin LLP (lead restructuring counsel), Fenwick & West LLP (special corporate counsel), and Teneo Capital LLC (Chief Restructuring Officer and additional personnel).
Media Contact
Teneo
[email protected]
SOURCE IPI Legacy Liquidation Co
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