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Proteus Gets Approval for $15 Million Bankruptcy Sale to Otsuka

Aug. 19, 2020, 9:37 PM

Proteus Digital Health Inc. can move forward with its $15 million sale to Otsuka America Pharmaceutical Inc. after a bankruptcy court overruled objections from a group of secured equity holders.

Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware approved the sale Wednesday after three days of testimony.

The sale allows Proteus to implement a Chapter 11 plan that would repay secured lenders in full, preserve jobs, and provide a “meaningful distribution” to unsecured creditors as the company winds down its bankruptcy, said Proteus’ attorney, Nathan A. Schultz of Goodwin Procter LLP.

Proteus filed for ...

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