Istvan A. Hajdu

On Friday, August 2, 2024, Sidley successfully obtained confirmation of Ebix Inc.’s Chapter 11 plan from the U.S. Bankruptcy Court for the Northern District of Texas. Ebix, which operates an insurance exchange platform as well as providing other financial services focused on the insurance industry, filed for Chapter 11 bankruptcy on December 17, 2023. In connection with the filing, Ebix reached a “stalking horse” agreement to sell its North American Life and Annuity assets to Zinnia Distributor Solutions, which sale ultimately closed on April 1, 2024. The Debtors then ran an extensive marketing process for their remaining assets and/or equity interests in non-Debtor subsidiaries, and the right to sponsor a plan of reorganization for the Debtors. A consortium of Eraaya Lifespaces Limited, Vikas Lifecare Limited, and Vitasta Software India Private Limited (the “Plan Sponsor”) was the successful bidder for the sponsorship of a plan of reorganization for the Debtors, and the Debtors were able to broker a global resolution between the Debtors, the Prepetition Lenders / DIP lenders, the Plan Sponsor, and the Unsecured Creditors Committee in advance of the confirmation hearing to present an uncontested confirmation hearing other than with respect to issues related to releases and exculpation provisions in the plan raised by the Office of the United States Trustee. Following a bench ruling, the Court confirmed the plan, commending the parties for a “marvelous job” done, specifically appreciating the consideration given to addressing the Court’s stated concerns regarding third-party releases (although ultimately requiring the removal of the third-party release opt-out provisions). This complex, cross-border matter involved lawyers and staff from the New York, Chicago, Los Angeles, Century City, Houston, Dallas, Washington, D.C., San Francisco, London, Singapore, and Hong Kong offices. The Sidley team included Tom Califano, Rakhee Patel, Ameneh Bordi, Jeri Leigh Miller, Weiru Fang, Molly Dyas, Luke Mason, Michael Sabino, Ibrahim Babiker, Siddhanth Goyal, Raphael Rabinowitz, Parker Embry, Ashrita Gulati, Jake Landreth, Joshua Lee, Jesse Lopez, Chelsea McManus, Joshua Oeij, Andreas Rauch, Francesca Sadler, and Chris Yu (Restructuring); Nicholas Schwartz, Mark Adler, Julie Ann Rosenberg Lamm, Pietro Fontana, Daniel Lindsey, Bill Turnbull III, Shaobin Zheng, Wilfred Ong, and Horine Ye (Global Finance); S. Scott Parel, Justin Macke, Jessica Pisani, Nick DeAngelis, Staci Alexander, Amanda Patterson, Ryan Lim, Sarah Kang, Ellen Heighten, Henry Dickinson, Rachel Ang, Caulyn Bong, Micaela Hannah, and Amanda Gonzalez (M&A/Private Equity); Suresh Advani, Richard Silverman, Oliver Currall, Mitchell Li, Molly Homann, Tyler Replogle, Alice Qin (Tax); Gregory Jacobs, John Kuster, Jon Muenz, and Katelin Everson (Commercial Litigation and Disputes); James Mendenhall, Carys Golesworthy, Kayla Scott, and Ryan Tan (Global Arbitration, Trade and Advocacy); Kristina Gliklad, Vadim Brusser, Edward Sharon, and Jamie Sadler (Antitrust and Competition); Kostian Ciko, Prabhat Mehta, and Istvan Hajdu (Capital Markets); Mary Niehaus and Gregory Matisoff (Employee Benefits and Executive Compensation); Walter Carlson and Andrew Kunsak (Securities and Shareholder Litigation); David Lashway and John W. Woods Jr. (Privacy and Cybersecurity); E. Kyle Barnett (Technology and Life Sciences Transactions); Stephanie Dobecki (Insurance); Elizabeth McCloy (Real Estate); Carlton Fleming (Emerging Companies and Venture Capital); Scott Heyman (Tax Controversy); Katherine Roberts (Labor, Employment and Immigration); and George Vlahakos (Energy and Infrastructure).~~On Friday, August 2, 2024, Sidley successfully obtained confirmation of Ebix Inc.’s Chapter 11 plan from the U.S. Bankruptcy Court for the Northern District of Texas. Ebix, which operates an insurance exchange platform as well as providing other financial services focused on the insurance industry, filed for Chapter 11 bankruptcy on December 17, 2023. In connection with the filing, Ebix reached a “stalking horse” agreement to sell its North American Life and Annuity assets to Zinnia Distributor Solutions, which sale ultimately closed on April 1, 2024. The Debtors then ran an extensive marketing process for their remaining assets and/or equity interests in non-Debtor subsidiaries, and the right to sponsor a plan of reorganization for the Debtors. A consortium of Eraaya Lifespaces Limited, Vikas Lifecare Limited, and Vitasta Software India Private Limited (the “Plan Sponsor”) was the successful bidder for the sponsorship of a plan of reorganization for the Debtors, and the Debtors were able to broker a global resolution between the Debtors, the Prepetition Lenders / DIP lenders, the Plan Sponsor, and the Unsecured Creditors Committee in advance of the confirmation hearing to present an uncontested confirmation hearing other than with respect to issues related to releases and exculpation provisions in the plan raised by the Office of the United States Trustee. Following a bench ruling, the Court confirmed the plan, commending the parties for a “marvelous job” done, specifically appreciating the consideration given to addressing the Court’s stated concerns regarding third-party releases (although ultimately requiring the removal of the third-party release opt-out provisions). This complex, cross-border matter involved lawyers and staff from the New York, Chicago, Los Angeles, Century City, Houston, Dallas, Washington, D.C., San Francisco, London, Singapore, and Hong Kong offices. The Sidley team included Tom Califano, Rakhee Patel, Ameneh Bordi, Jeri Leigh Miller, Weiru Fang, Molly Dyas, Luke Mason, Michael Sabino, Ibrahim Babiker, Siddhanth Goyal, Raphael Rabinowitz, Parker Embry, Ashrita Gulati, Jake Landreth, Joshua Lee, Jesse Lopez, Chelsea McManus, Joshua Oeij, Andreas Rauch, Francesca Sadler, and Chris Yu (Restructuring); Nicholas Schwartz, Mark Adler, Julie Ann Rosenberg Lamm, Pietro Fontana, Daniel Lindsey, Bill Turnbull III, Shaobin Zheng, Wilfred Ong, and Horine Ye (Global Finance); S. Scott Parel, Justin Macke, Jessica Pisani, Nick DeAngelis, Staci Alexander, Amanda Patterson, Ryan Lim, Sarah Kang, Ellen Heighten, Henry Dickinson, Rachel Ang, Caulyn Bong, Micaela Hannah, and Amanda Gonzalez (M&A/Private Equity); Suresh Advani, Richard Silverman, Oliver Currall, Mitchell Li, Molly Homann, Tyler Replogle, Alice Qin (Tax); Gregory Jacobs, John Kuster, Jon Muenz, and Katelin Everson (Commercial Litigation and Disputes); James Mendenhall, Carys Golesworthy, Kayla Scott, and Ryan Tan (Global Arbitration, Trade and Advocacy); Kristina Gliklad, Vadim Brusser, Edward Sharon, and Jamie Sadler (Antitrust and Competition); Kostian Ciko, Prabhat Mehta, and Istvan Hajdu (Capital Markets); Mary Niehaus and Gregory Matisoff (Employee Benefits and Executive Compensation); Walter Carlson and Andrew Kunsak (Securities and Shareholder Litigation); David Lashway and John W. Woods Jr. (Privacy and Cybersecurity); E. Kyle Barnett (Technology and Life Sciences Transactions); Stephanie Dobecki (Insurance); Elizabeth McCloy (Real Estate); Carlton Fleming (Emerging Companies and Venture Capital); Scott Heyman (Tax Controversy); Katherine Roberts (Labor, Employment and Immigration); and George Vlahakos (Energy and Infrastructure).

Aug 9

5 min

Pyxis Oncology positioned at forefront of Antibody-Drug Conjugate (ADC) development Sidley represented Pyxis Oncology, Inc. (Pyxis Oncology) (Nasdaq: PYXS), a clinical-stage company focused on developing next generation therapeutics to target difficult-to-treat cancers, in its agreement to acquire Apexigen, Inc. (Nasdaq: APGN), a clinical-stage biopharmaceutical company focused on discovering and developing innovative antibody therapeutics for oncology, in an all-stock transaction. This transaction illustrates that despite a challenging funding environment, disciplined biopharma companies can capitalize on the opportunities that these challenges create, while preserving their funding runway. “This acquisition uniquely positions Pyxis Oncology at the forefront of antibody-drug conjugate (ADC) innovation by adding humanized antibody generation to our Flexible Antibody Conjugation Technology (FACT) ADC toolkit acquired from Pfizer, and expands our clinical pipeline into Phase 2 in select solid tumor types by leveraging our founding heritage of immuno-oncology expertise—all while maintaining our cash runway into 2025,” said Lara S. Sullivan, M.D., president and chief executive officer of Pyxis Oncology. The Sidley deal team included partners Asher Rubin (Baltimore), John Butler (New York), Frank Rahmani and Idan Netser (both Palo Alto), Istvan Hajdu (New York), and William Blumenthal (Washington, D.C.); counsel Edward Sharon (Washington, D.C.); senior managing associates Nikita Ponomarev, Kostian Ciko (both New York), and Jonathan Westreich (Los Angeles); managing associate Jean Qiu (Shanghai); and associates Nithya Swaminathan, Max Xiao, and Jerry Ford II (all New York). Additional information may be found in the press release.~~Pyxis Oncology positioned at forefront of Antibody-Drug Conjugate (ADC) development Sidley represented Pyxis Oncology, Inc. (Pyxis Oncology) (Nasdaq: PYXS), a clinical-stage company focused on developing next generation therapeutics to target difficult-to-treat cancers, in its agreement to acquire Apexigen, Inc. (Nasdaq: APGN), a clinical-stage biopharmaceutical company focused on discovering and developing innovative antibody therapeutics for oncology, in an all-stock transaction. This transaction illustrates that despite a challenging funding environment, disciplined biopharma companies can capitalize on the opportunities that these challenges create, while preserving their funding runway. “This acquisition uniquely positions Pyxis Oncology at the forefront of antibody-drug conjugate (ADC) innovation by adding humanized antibody generation to our Flexible Antibody Conjugation Technology (FACT) ADC toolkit acquired from Pfizer, and expands our clinical pipeline into Phase 2 in select solid tumor types by leveraging our founding heritage of immuno-oncology expertise—all while maintaining our cash runway into 2025,” said Lara S. Sullivan, M.D., president and chief executive officer of Pyxis Oncology. The Sidley deal team included partners Asher Rubin (Baltimore), John Butler (New York), Frank Rahmani and Idan Netser (both Palo Alto), Istvan Hajdu (New York), and William Blumenthal (Washington, D.C.); counsel Edward Sharon (Washington, D.C.); senior managing associates Nikita Ponomarev, Kostian Ciko (both New York), and Jonathan Westreich (Los Angeles); managing associate Jean Qiu (Shanghai); and associates Nithya Swaminathan, Max Xiao, and Jerry Ford II (all New York). Additional information may be found in the press release.

Jun 9

2 min

Sidley represented Acrivon Therapeutics, Inc. in connection with the issuance and sale of an aggregate of 8,235,000 shares of its common stock, at a price of US$8.50 per share, a premium to the closing price on April 8, 2024, and pre-funded warrants to purchase up to an aggregate of 7,060,000 shares of common stock at a purchase price of US$8.499 per pre-funded warrant, through a private investment in public equity (“PIPE”) financing. The pre-funded warrants will have an exercise price of US$0.001 per share of common stock, will be immediately exercisable, and will remain exercisable until exercised in full. Acrivon anticipates the gross proceeds from the oversubscribed PIPE to be approximately $130 million, before deducting fees to the placement agent and other offering expenses payable by the company. The closing of the financing is expected to occur on April 11, 2024, subject to customary closing conditions. Acrivon Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing Acrivon’s proprietary proteomics-based patient-responder identification platform, Acrivon Predictive Precision Proteomics, or AP3. For additional information, please refer to the press release. The Sidley team was led by Asher M. Rubin (Technology and Life Sciences Transactions), Istvan Hajdu (Capital Markets), and Nick DeAngelis (M&A), and included Kunchok Yaklha and Kim Gubbels (Capital Markets), and Kevin Sforza (Food, Drug and Medical Device).~~Sidley represented Acrivon Therapeutics, Inc. in connection with the issuance and sale of an aggregate of 8,235,000 shares of its common stock, at a price of US$8.50 per share, a premium to the closing price on April 8, 2024, and pre-funded warrants to purchase up to an aggregate of 7,060,000 shares of common stock at a purchase price of US$8.499 per pre-funded warrant, through a private investment in public equity (“PIPE”) financing. The pre-funded warrants will have an exercise price of US$0.001 per share of common stock, will be immediately exercisable, and will remain exercisable until exercised in full. Acrivon anticipates the gross proceeds from the oversubscribed PIPE to be approximately $130 million, before deducting fees to the placement agent and other offering expenses payable by the company. The closing of the financing is expected to occur on April 11, 2024, subject to customary closing conditions. Acrivon Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing Acrivon’s proprietary proteomics-based patient-responder identification platform, Acrivon Predictive Precision Proteomics, or AP3. For additional information, please refer to the press release. The Sidley team was led by Asher M. Rubin (Technology and Life Sciences Transactions), Istvan Hajdu (Capital Markets), and Nick DeAngelis (M&A), and included Kunchok Yaklha and Kim Gubbels (Capital Markets), and Kevin Sforza (Food, Drug and Medical Device).

Apr 11

2 min

Latin Lawyer recognized the restructuring of Samarco Mineração S.A. (Samarco) as the “Restructuring Deal of the Year” during its 18th annual Deal of the Year Awards on May 9, 2024, in São Paulo, Brazil. Sidley played a significant role in this restructuring, representing financial industry leaders MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation in connection with over US$600 million of loans made by the banks to Samarco, a Brazilian producer of iron ore pellets, and a joint venture between the Brazilian company Vale and the Australian company BHP. After suffering one of the worst environmental disasters in Brazilian history, the 2015 Mariana Dam disaster, Samarco filed for judicial reorganization under Brazil’s newly revised insolvency regime and Chapter 15 bankruptcy in the United States in April 2021. This is the first large Brazilian judicial reorganization under the new law and is precedent-setting for future large Brazilian restructurings. The Sidley team included Matthew Clemente and Jackson Garvey (Restructuring); Mark Adler, Angela Fontana, Pietro Fontana, Allison Satyr, and Caroline Roberts (Global Finance); Tomoki Ishiara, Daniel Lin, and Yosuke Iwasaki (M&A); Istvan Hajdu (Capital Markets); Michael Lewis (Banking and Financial Services); and Jim Ducayet (Securities and Shareholder Litigation). Sidley has maintained a valued presence in Latin America for over 50 years. The firm represents major local and multinational companies and financial institutions, private equity and other investment funds, sovereign governments, and state-owned enterprises in transactions and disputes throughout South America, Central America, and the Caribbean.~~Latin Lawyer recognized the restructuring of Samarco Mineração S.A. (Samarco) as the “Restructuring Deal of the Year” during its 18th annual Deal of the Year Awards on May 9, 2024, in São Paulo, Brazil. Sidley played a significant role in this restructuring, representing financial industry leaders MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corporation in connection with over US$600 million of loans made by the banks to Samarco, a Brazilian producer of iron ore pellets, and a joint venture between the Brazilian company Vale and the Australian company BHP. After suffering one of the worst environmental disasters in Brazilian history, the 2015 Mariana Dam disaster, Samarco filed for judicial reorganization under Brazil’s newly revised insolvency regime and Chapter 15 bankruptcy in the United States in April 2021. This is the first large Brazilian judicial reorganization under the new law and is precedent-setting for future large Brazilian restructurings. The Sidley team included Matthew Clemente and Jackson Garvey (Restructuring); Mark Adler, Angela Fontana, Pietro Fontana, Allison Satyr, and Caroline Roberts (Global Finance); Tomoki Ishiara, Daniel Lin, and Yosuke Iwasaki (M&A); Istvan Hajdu (Capital Markets); Michael Lewis (Banking and Financial Services); and Jim Ducayet (Securities and Shareholder Litigation). Sidley has maintained a valued presence in Latin America for over 50 years. The firm represents major local and multinational companies and financial institutions, private equity and other investment funds, sovereign governments, and state-owned enterprises in transactions and disputes throughout South America, Central America, and the Caribbean.

May 15

2 min

Sidley represented Accelerate Diagnostics, Inc., an innovative diagnostic testing company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis, in the out of court restructuring of its US$92 million in funded debt. Sidley initially negotiated an agreement with the Company’s senior secured creditor and prepared the Company for a Chapter 11 filing. Sidley then successfully negotiated a global restructuring support agreement providing for the out of court conversion of certain secured debt to equity, exchange of existing notes to extend maturity 3.5 years, issuance of new notes, and commitment of US$24 million in new money to fund operations during a key period of new product development. The team was led by Restructuring partners Tom Califano (New York) and Bill Curtin (New York), with Corporate partners Michael Gordon (Miami), Istvan Hajdu (New York), Kristen Smith (Dallas), Litigation partners Robert Velevis (Dallas), Penny Reid (Dallas), Tax partner Suresh Advani (Chicago), and Capital Markets senior counsel Robert Mandell (New York). The team also included Jackson Garvey (senior managing associate, Restructuring), Andres Barajas (managing associate, Restructuring), Julia Philips Roth (managing associate, Restructuring), Nate Elner (associate, Restructuring), Mustafa Abdul-Jabbar (senior managing associate, Litigation), Anika Hermann Bargfrede (senior managing associate, Corporate), Katarzyna Robak (managing associate, Corporate), Dzenela Becic (associate, Corporate), and Benjamin Kelton (associate, Litigation).~~Sidley represented Accelerate Diagnostics, Inc., an innovative diagnostic testing company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis, in the out of court restructuring of its US$92 million in funded debt. Sidley initially negotiated an agreement with the Company’s senior secured creditor and prepared the Company for a Chapter 11 filing. Sidley then successfully negotiated a global restructuring support agreement providing for the out of court conversion of certain secured debt to equity, exchange of existing notes to extend maturity 3.5 years, issuance of new notes, and commitment of US$24 million in new money to fund operations during a key period of new product development. The team was led by Restructuring partners Tom Califano (New York) and Bill Curtin (New York), with Corporate partners Michael Gordon (Miami), Istvan Hajdu (New York), Kristen Smith (Dallas), Litigation partners Robert Velevis (Dallas), Penny Reid (Dallas), Tax partner Suresh Advani (Chicago), and Capital Markets senior counsel Robert Mandell (New York). The team also included Jackson Garvey (senior managing associate, Restructuring), Andres Barajas (managing associate, Restructuring), Julia Philips Roth (managing associate, Restructuring), Nate Elner (associate, Restructuring), Mustafa Abdul-Jabbar (senior managing associate, Litigation), Anika Hermann Bargfrede (senior managing associate, Corporate), Katarzyna Robak (managing associate, Corporate), Dzenela Becic (associate, Corporate), and Benjamin Kelton (associate, Litigation).

Jun 15

2 min