NephroGenex Inc. entered into an agreement with Medpace Inc. in connection with its restructuring.
The restructuring will be implemented through a Chapter 11 plan of reorganization, subject to the approval of the bankruptcy court.
Under the agreement, Medspace will waive its cash distribution with respect to its asserted $4.3 million unsecured claim against NephroGenex in exchange for 100% of the newly issued common stock in the reorganized company.
NephroGenex previously filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code to the U.S. Bankruptcy Court for the District of Delaware on April 30, 2016.
Kurtzman Carson Consultants LLC is acting as the company's claims agent for the reorganization process.