Savient Pharmaceuticals Announces Agreement on Use of Cash Collateral

Savient Pharmaceuticals

announced today that an agreement in principle has been reached by and among Savient, the Official Committee of Unsecured Creditors appointed in Savient's Chapter 11 case (the "UCC") and the Unofficial Committee of Senior Secured Noteholders (the "Unofficial Committee" and, together with Savient and the UCC, the "Parties"), whose members hold approximately 90% of Savient's senior secured notes (the "Secured Noteholders").  As part of the agreement, it is anticipated that the UCC will withdraw its objection and consent to entry of a final order authorizing Savient's continued use of cash collateral (the "Final Cash Collateral Order") by the U.S. Bankruptcy Court for the District of Delaware (the "Court").  The Parties anticipate submitting a proposed Final Cash Collateral Order for consideration and approval by the Court on or before the hearing to consider the Final Cash Collateral Order, currently scheduled to take place on December 13, 2013 (subject to such notice procedures as may be agreed by the Parties).  If entered by the Court, the proposed Final Cash Collateral Order would, among other things, provide