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Insolvent Sorrento Rehabs Protects Court Authorization for $75M Funding – Sorrento Rehabs (NASDAQ: SRNE)

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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.
  • .(* )The funding will certainly give Sorrento with prompt liquidity to proceed running its service customarily throughout its phase 11 situation.

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  • A hearing for last funding authorization is presently established for March 29, 2023.

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  • Connected:

  • Sorrento Rehab Supply Nosedives After Submitting Personal Bankruptcy Documentation .
  • Since its phase 11 declaring, Sorrento had more than around $1 billion in possessions.

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  • 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.

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  • 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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  • Rate Activity:

  • SRNE shares are up 10.9% at $0.44 on the last check Wednesday. .
  • © 2023 Benzinga.com. Benzinga does not give financial investment suggestions. All legal rights scheduled.

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