Clovis defaults on loan, expects to file Chapter 11
BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) has defaulted on a loan agreement and expects to file for Chapter 11 bankruptcy protection soon.
The bankruptcy filing has yet to occur, according to records maintained by the federal bankruptcy court.
Clovis reported to the Securities and Exchange Commission on Dec. 1 that it “elected to not make the interest payment” that was due on Nov. 1 on senior notes that carried a maturity date in 2025. The company had 30 days to make the payment before it became “an event of default” and “as a result, an ‘event of…
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