James Flynn‘s Deerfield Management has reported its position in Nuo Therapeutics Inc (OTCMKTS:NUOTQ) via a filing with the US Securities and Exchange Commission. The filing showed that Deerfield owns some 159.92 million shares of Nuo Therapeutics, which represent around 9.99% of the company’s outstanding stock. Moreover, the investor added in the filing:
“On March 9, 2016, the Funds, Deerfield Mgmt, as administrative agent, and the Company entered into a Waiver and First Amendment to the DIP Financing Agreement (the “Waiver and First Amendment”), pursuant to which, among other things, the Funds agreed (i) to waive certain Events of Default (as defined in the DIP Financing Agreement) that occurred under the DIP Financing Agreement and (ii) to adjust the Funds’ total commitment under the DIP Financing Agreement to $6.0 million (including approximately $1.5 million that had been funded to date).
In addition, the Waiver and First Amendment requires that certain actions be taken by the Company, the Bankruptcy Court and other relevant constituencies with respect to a “Chapter 11 Plan” by dates specified in the Waiver and First Amendment. The Waiver and First Amendment defines “Chapter 11 Plan” as a plan of reorganization of the Company consistent with a term sheet (the “Term Sheet”) annexed to the Waiver and First Amendment. The Term Sheet sets forth the material terms of a proposed restructuring of the prepetition and post-petition secured debt, unsecured debt and equity interests of the Company, the terms of which would be effected pursuant to a plan of reorganization to be proposed by the Company in the Company’s bankruptcy case and supported by the Funds and Deerfield Mgmt, the Official Committee of Unsecured Creditors and the Ad Hoc Committee of Equity Holders. Failure to achieve certain case milestones, including those related to the Chapter 11 Plan, would constitute an Event of Default under the DIP Financing Agreement. The Waiver and First Amendment also modified the definition of “Maturity Date” to mean the earliest of: (a) April 25, 2016, if the Chapter 11 Plan is not confirmed by such date, or May 5, 2016 if the Chapter 11 Plan is confirmed by April 25, 2016, and (b) the date on which the loan is accelerated.”
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Deerfield Mgmt | 0 | 159,923,076 | 0 | 159,923,076 | 159,923,076 | 9.985% |
| Deerfield Management Company | 0 | 159,923,076 | 0 | 159,923,076 | 159,923,076 | 9.985% |
| Deerfield Special Situations Fund | 0 | 54,373,845 | 0 | 54,373,845 | 54,373,845 | 9.985% |
| Deerfield Private Design Fund II | 0 | 49,185,942 | 0 | 49,185,942 | 49,185,942 | 9.985% |
| James E. Flynn | 0 | 159,923,076 | 0 | 159,923,076 | 159,923,076 | 9.985% |
Page 1 of 11 SEC Filing
| David Clark Deerfield Mgmt, L.P. 780 Third Avenue, 37th Floor New York, New York 10017 (212) 551-1600 With a copy to: Elliot Press, Esq. Katten Muchin Rosenman LLP 575 Madison Avenue New York, New York 10022 (212) 940-8800 |
