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Savient Reaches Agreement On Use Of Cash Collateral
Date:12/9/2013

BRIDGEWATER, N.J., Dec. 10, 2013  /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) ("Savient") announced today that an agreement in principle has been reached by and among Savient, the Official Committee of Unsecured Creditors appointed in Savient's Chapter 11 case (the "UCC") and the Unofficial Committee of Senior Secured Noteholders (the "Unofficial Committee" and, together with Savient and the UCC, the "Parties"), whose members hold approximately 90% of Savient's senior secured notes (the "Secured Noteholders").  As part of the agreement, it is anticipated that the UCC will withdraw its objection and consent to entry of a final order authorizing Savient's continued use of cash collateral (the "Final Cash Collateral Order") by the U.S. Bankruptcy Court for the District of Delaware (the "Court").  The Parties anticipate submitting a proposed Final Cash Collateral Order for consideration and approval by the Court on or before the hearing to consider the Final Cash Collateral Order, currently scheduled to take place on December 13, 2013 (subject to such notice procedures as may be agreed by the Parties).  If entered by the Court, the proposed Final Cash Collateral Order would, among other things, provide for the distribution of proceeds from the sale of all or substantially all of Savient's assets (the "Sale") and of additional amounts of cash collateral to the Secured Noteholders promptly after the Sale closing.  The agreement further contemplates that the UCC would waive its rights to challenge the Secured Noteholders' liens and claims subject to the implementation of a global settlement between Savient, the UCC and the Unofficial Committee (the "Proposed Settlement").  The Proposed Settlement, which remains subject to documentation and final agreement by the Parties and is to be separatel
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SOURCE Savient Pharmaceuticals, Inc.
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