Medical Device Maker Valeritas Gets Bankruptcy Plan Approved

Medical device developer Valeritas Holdings Inc. received approval to exit bankruptcy under a plan centered around a $23 million sale of the company.

One of the first U.S. companies pushed into bankruptcy as a result of the coronavirus, Valeritas was cleared to emerge from Chapter 11 during a telephonic hearing Thursday at the U.S. Bankruptcy Court for the District of Delaware.

The plan, which was confirmed with overwhelming support from secured and unsecured creditors, is built on a post-bankruptcy sale of the company to Zealand Pharma A/S and a global settlement establishing a creditors’ trust and consensual repayment process.

The ...