Please note that on December 2, 2022, ESCAPE Bio, Inc. (the “Company” or “ESCAPE Bio”) entered into an Assignment for the Benefit of Creditors (“Assignment”). An Assignment is a state level insolvency proceeding undertaken under state law, in this case California, where the primary governing law is found in the California Code of Civil Procedure sections 493.010 to 493.060, sections 1800 to 1802, and section 1204.
The Assignment entity is a California limited liability company, ESCAPE Bio (assignment for the benefit of creditors), LLC (“Assignee”). The Assignee is a special purpose entity established to liquidate the assets of the Company, compile claims, and distribute proceeds, if any, to creditors according to the priority established in the California Code.
Creditors will be formally notified within 30 days of the general assignment by a written notice. The notice outlines the process by which creditors may file a proof of claim to establish a claim for any obligations due and provides a deadline to file a claim (approximately 180 days from the date of the Assignment). We will update this link in the coming days once the online claim portal is available.