Orexigen is in post-confirmation wind-down, with the case still open for final administration and the Wind Down Administrator targeting a final decree application by December 31, 2026, according to the latest Post-Confirmation ReportDkt. 1269. The case has also shifted procedurally to Judge Craig T. Goldblatt after the court’s April 16, 2026 Order of ReassignmentDkt. 1268.
The debtor filed Chapter 11 on March 12, 2018 after its obesity-drug business, centered on Contrave, could not absorb a leveraged capital structure and missed a $100 million net-sales milestone under its 2016 indenture; the first-day declaration described a $765.6 million accumulated deficit, roughly $229.3 million of funded debt, including $165 million of convertible senior secured notes, and the need for a $70.35 million DIP facility split between new-money loans and roll-up loans First Day DeclarationDkt. 3. The petition commenced the Delaware case as the debtor sought to preserve operations and customer programs while pursuing a restructuring path Voluntary PetitionDkt. 1.
The case ultimately moved to liquidation rather than operating reorganization. Orexigen filed a seven-class Amended Plan of LiquidationDkt. 1001, followed by a Modified Plan SupplementDkt. 1105, setting the framework for post-effective-date administration by a wind-down fiduciary. The latest report shows minimal current-quarter activity, with $250 of disbursements during the quarter ended March 31, 2026, $11.0 million of cumulative cash disbursements since the May 31, 2019 effective date, and recoveries still concentrated in modest secured and unsecured distributions: $8.5 million paid cumulatively on $165.0 million of secured claims and $646,134 paid cumulatively on $93.1 million of general unsecured claims .
