Acerus Pharmaceuticals Corporation and its subsidiaries, Acerus Biopharma Inc., Acerus Labs Inc. and Acerus Pharmaceuticals USA, LLC (collectively, the “Acerus Group”), have received an order for creditor protection (the “Initial Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) under the Companies’ Creditors Arrangement Act (the “CCAA”).
In order to fund the CCAA proceedings and other short-term working capital requirements, the Acerus Group has executed a facility agreement with First Generation Capital Inc.
Ernst & Young Inc. served as the monitor.
Stikeman Elliott and Sidley Austin acted as Canadian and US legal counsel, respectively, to Acerus. The Stikeman Elliott team included Liz Pillon, Lee Nicholson, Philip Yang (Restructuring and Insolvency); Michael Devereux, Lauren McDonald (Corporate); Tamara Ticoll (Employment); Nathanial Lacasse (Tax).
BLG represented First Generation. Fasken served as counsel to Ernst & Young.