VIVUS INC: U.S. Trustee Appoints Equity Committee

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The U.S. Trustee for Regions 3 and 9 on Sept. 22, 2020, appointed a committee to represent equity security holders in the Chapter 11 cases of Vivus, Inc. and its affiliates.

The committee members are:

1. Bruce Makosky
16196 Baan Siri Sukhumvit 10
Klongtoey, Bangkol 10110
Phone: +66-86-069-7531

2. Esopus Creek Value Series Fund LP – Series “A”
Andrew L. Sole, Esq., Managing Member
Esopus Creek Advisors LLC as General Partner
81 Newtown Lane, #307
East Hampton, NY 11937
Phone: (631) 605-5776

3. Steven Chlavin
9663 Santa Monica Blvd., Suite 214
Beverly Hills, CA 90210
Phone: (310) 913-1558

About Vivus Inc.

Vivus Inc is a biopharmaceutical company committed to the development and commercialization of innovative therapies that focus on advancing treatments for patients with serious unmet medical needs. VIVUS has three approved therapies and one product candidate in clinical development. Qsymia (phentermine and topiramate extended release) is approved by FDA for chronic weight management. The Company commercializes Qsymia in the U.S. through a specialty sales force supported by an internal commercial team and license the commercial rights to Qsymia in South Korea. VIVUS was incorporated in 1991 in California and reincorporated in 1996 in Delaware. As of the Petition Date, VIVUS is a publicly traded company with its shares listed on the Nasdaq Global Market LLC under the ticker symbol “VVUS.” The Company maintains its headquarters in Campbell, California.

Vivus Inc and three of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 20-11779) on July 7, 2020. The petitions were signed by Mark Oki, chief financial officer. Judge Laurie Selber Silverstein presides over the cases.

As of May 31, 2020, Debtors reported total assets of $213,884,000 and total liabilities of $281,669,000.

The Debtors have tapped Weil Gotshal & Manges LP as their general banruptcy counsel, Richards, Layton & Finger, P.A. as local counsel, Ernst & Young as financial advisor, and Piper Sandler Companies as investment banker. Stretto is the claims and noticing agent.