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- Sorrento Rehabs Inc SRNE introduced that the united state Personal Bankruptcy Court for the Southern Area of Texas approved acting authorization of Sorrento’s $75 million debtor-in-possession funding from JMB Funding Allies.
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- Sorrento Rehab Supply Nosedives After Submitting Personal Bankruptcy Documentation .
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- SRNE shares are up 10.9% at $0.44 on the last check Wednesday. .
.(* )The funding will certainly give Sorrento with prompt liquidity to proceed running its service customarily throughout its phase 11 situation.
A hearing for last funding authorization is presently established for March 29, 2023.
Connected:
Since its phase 11 declaring, Sorrento had more than around $1 billion in possessions.
Scilex Holding Business, majority-owned by Sorrento, is not a borrower in Sorrento’s phase 11 situation. Scilex remains to run customarily, concentrating on expanding profits as well as using non-opioid discomfort administration items.
Latham & Watkins LLP as well as Jackson Pedestrian LLP act as lawful guidance to Sorrento. M3 Allies is working as a restructuring expert.
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