VBI Vaccines Says On August 2, 2024, The U.S. Bankruptcy Court For The District Of Delaware Granted Provisional Relief Under Chapter 15 Of The U.S. Bankruptcy Code, And Scheduled A Further Hearing To Consider The Recognition Of The July 30, 2024 Order
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VBI Vaccines Inc. (NASDAQ:VBIV) has been granted provisional relief under Chapter 15 of the U.S. Bankruptcy Code by the U.S. Bankruptcy Court for the District of Delaware. A further hearing is scheduled to consider the recognition of the July 30, 2024, Ontario Superior Court of Justice order, which granted the company protection under the Companies' Creditors Arrangement Act (CCAA).
August 02, 2024 | 8:07 pm
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VBI Vaccines Inc. has been granted provisional relief under Chapter 15 of the U.S. Bankruptcy Code, with a further hearing scheduled to consider the recognition of CCAA protection.
The provisional relief under Chapter 15 and the scheduled hearing for CCAA protection recognition indicate significant financial distress for VBI Vaccines. This is likely to negatively impact the stock price in the short term as investors react to the bankruptcy proceedings.
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