Blank Rome Advises Gamida Cell on Global Restructuring
Blank Rome advised Gamida Cell Ltd. and its wholly owned subsidiary Gamida Cell Inc. (collectively, the “Company”), in the Company’s global restructuring through a novel use of debt arrangement proceedings in Israel combined with Chapter 15 and 11 proceedings in the United States.
The team successfully obtained recognition of the Israeli proceedings and enforcement of the debt arrangement order in the territorial jurisdiction of the United States. This is the first time a United States court has recognized and enforced an Israeli debt arrangement.
As part of the restructuring, the team additionally successfully confirmed a prepackaged Chapter 11 Plan for Gamida Cell Inc., nine days after it commenced the Chapter 11 case. This is one of the fastest prepackaged Chapter 11 cases completed in the United States Bankruptcy Court for the District of Delaware.
The restructuring involved taking Gamida Cell Ltd. private through a conversion of approximately $75 million of the Company’s existing funded debt obligations into 100 percent of the equity of the reorganized company and any of its affiliates.
The transaction is expected to provide the Company with a long-term financial runway to support the ongoing commercialization of its stem cell therapy therapeutic, Omisirge®.
The Blank Rome team was led by Stanley Tarr, John Lucian, and Evan Zucker, and included Greg Vizza, Regina Stango Kelbon, Lorenzo Thomas, and Jordan Williams.