VBI Vaccines Starts Restructuring Procedure in Canada

Dow Jones07-30

By Michael Susin

VBI Vaccines on Tuesday said it received protection under the creditors arrangement act, a measure that allows insolvent corporations in Canada to restructure their businesses and financial affairs.

The company said the Ontario Superior Court of Justice issued an initial order granting it protection under the act. This provides, among other things, a stay of proceeding in favor of VBI, the approval of a loan and the appointment of Ernst & Young as monitor in the Court during the restructuring process.

VBI said it will seek to protect its subsidiaries and assets located in the U.S. and Israel by starting filing for bankruptcy in both countries.

VBI added that it will stop reporting as a public company and shares are expected to cease trading on the Nasdaq Capital Market.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

July 30, 2024 10:34 ET (14:34 GMT)

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