VBI Vaccines (Delaware) Inc. and related entities filed chapter 15 petitions on July 30, 2024 in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-11623-BLS) to seek U.S. recognition of a Canadian CCAA proceeding commenced July 29, 2024 by the parent VBI Vaccines Inc. The debtors are a multi-jurisdictional biopharmaceutical company using virus-like particle technology with a commercial hepatitis B vaccine marketed as PreHevbrio in the U.S., PreHevbri in other markets, and Sci-B-Vac in Israel, with operations in Canada, the United States, Israel, and Europe. Facing liquidity pressure, the company sought a court-supervised Sale and Investment Solicitation Process in Canada. The Delaware court granted final recognition on August 27, 2024 as a foreign main proceeding, enabling enforcement of Canadian orders in the U.S. K2HV provided DIP financing ultimately rising to $6.9 million (17.5% interest) to fund operations through the extended CCAA stay. The Canadian court approved a reverse vesting sale in November 2024, enforced by Delaware on November 20, 2024, which closed January 3, 2025. PreHevbrio was voluntarily recalled in November 2024 as the company wound down operations. The final decree was entered March 3, 2025 with no distributions on claims.