Creditors of Tricida Expected to Recover 8 Cents on Dollar -- Market Talk

Dow Jones2023-01-20

1529 ET - Publicly traded drug developer Tricida, which filed for bankruptcy earlier this month, said unsecured bondholders and trade creditors with claims totaling more than $360M are expected to recover 8 cents on the dollar. The estimate was provided Wednesday in a filing in the US Bankruptcy Court in Wilmington, Del. The South San Francisco, Calif.-based company has no secured debt. Founded in 2013, Tricida sought protection from creditors after commercialization efforts for its Veverimer product, aimed at treating chronic kidney disease, experienced a "significant setback." It plans to sell its assets in a chapter 11 liquidation plan. (becky.yerak@wsj.com; @beckyyerak)

(END) Dow Jones Newswires

January 19, 2023 15:29 ET (20:29 GMT)

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