Boston – June 21, 2024 – Cooley advised longtime biotech client Gamida Cell Ltd. and its wholly owned subsidiary, Gamida Cell Inc., in its global restructuring through a novel use of debt arrangement proceedings in Israel combined with Chapter 15 and 11 proceedings in the United States. Cooley partners Michael Klein, Erin Kirchner, Div Gupta, Daniel Goldberg and Mischi a Marca led the team advising the company.
The team successfully obtained recognition of the Israeli proceedings and enforcement of the debt arrangement order in the territorial jurisdiction of the United States. This is the first time a US court has recognized and enforced an Israeli debt arrangement.
As part of the restructuring, the Cooley team successfully confirmed a Chapter 11 plan for Gamida Cell Inc. The restructuring involved taking Gamida Cell Ltd. private through a conversion of approximately $75 million of its existing funded debt obligations into 100% of the equity of the reorganized company and any of its affiliates.
The transaction is expected to provide the company with a long-term financial runway to support the ongoing commercialization of Omisirge, its stem cell therapy.
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