Tricida chapter 11 liquidation
Davis Polk is advising convertible senior noteholders and the indenture trustee in connection with the chapter 11 liquidation of Tricida, Inc. On January 11, 2023, Tricida filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. Shortly before filing, the noteholders executed a restructuring support agreement with Tricida, which, among other things, contemplates the liquidation of the debtor pursuant to a confirmed chapter 11 plan and the establishment of a liquidating trust.
As of January 13, 2023, the noteholders party to the restructuring support agreement held approximately 88% of Tricida’s $200 million convertible senior notes.
Founded in 2013, Tricida is a clinical-stage pharmaceutical company focused on the development and commercialization of veverimer, a drug designed to slow the progression of chronic kidney disease through the treatment of chronic metabolic acidosis.
The Davis Polk restructuring team includes partner Darren S. Klein and associate Abraham Bane. All members of the Davis Polk team are located in the New York office.