Radiopharmaceutical developer Molecular Insight Pharmaceuticals said it is scheduled to emerge from Chapter 11 bankruptcy protection as a fully restructured company by late May.
The U.S. Bankruptcy Court for the District of Massachusetts confirmed the company's amended plan of reorganization at a hearing on May 5. The plan will restructure Molecular Insight's consolidated balance sheet by reducing outstanding debt by approximately $162 million and facilitating a new capital infusion of approximately $40 million, according to the firm.
All outstanding shares of Molecular Insight's common stock will be extinguished on the plan's effective date.
