Melinta Therapeutics’ $140 Million Restructuring

Melinta is advised in this transaction by Skadden, Arps, Slate, Meagher & Flom LLP, Jefferies, LLC, Portage Point Partners, LLC, and Cole Scholtz LLP. The Supporting Lenders are advised in this transaction by Sullivan & Cromwell LLP, Houlihan Lokey and Landis Rath & Cobb LLP.

Melinta Therapeutics, Inc. has entered into a Restructuring Support Agreement with the lenders under its senior credit facility, Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P. (the “Supporting Lenders”).

Under the Agreement, the Supporting Lenders would acquire the Company as a going concern by exchanging $140 million of secured claims arising under its senior credit facility for 100 percent of the equity to be issued by the reorganized Company pursuant to a pre-negotiated chapter 11 plan of reorganization. The Agreement will be filed with the Securities and Exchange Commission in a current report on Form 8-K.

Melinta Therapeutics, Inc. is a commercial-stage company focused on the development and commercialization of novel antibiotics to treat serious bacterial infections.

The Skadden team included Corporate Restructuring partner Ron Meisler (Picture; Chicago) and associate Christopher Dressel(Chicago); M&A partners Graham Robinson (Boston) and Faiz Ahmad (Wilmington), and counsel Richard West(Wilmington); Litigation partners James Carroll (Boston), Albert Hogan (Chicago) and Joseph Larkin (Wilmington), and counsels Christopher Clark (Boston) and Peter Luneau (New York); Capital Markets partner Michelle Gasaway (Los Angeles); Tax partner David Polster (Chicago); Antitrust/Competition partner Kenneth Schwartz (New York); Intellectual Property and Technology partner Resa Schlossberg (New York); and Banking counsel Darrin Halcomb (Chicago).

Involved fees earner: Faiz Ahmad – Skadden Arps Slate Meager & Flom; James Carroll – Skadden Arps Slate Meager & Flom; Christopher Clark – Skadden Arps Slate Meager & Flom; Christopher Dressel – Skadden Arps Slate Meager & Flom; Michelle Gasaway – Skadden Arps Slate Meager & Flom; Darrin Halcomb – Skadden Arps Slate Meager & Flom; Albert Hogan III – Skadden Arps Slate Meager & Flom; Joseph Larkin – Skadden Arps Slate Meager & Flom; Peter Luneau – Skadden Arps Slate Meager & Flom; Ron Meisler – Skadden Arps Slate Meager & Flom; David Polster – Skadden Arps Slate Meager & Flom; Graham Robinson – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Kenneth Schwartz – Skadden Arps Slate Meager & Flom; Richard West – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Melinta Therapeutics;

Author: Ambrogio Visconti