Impel Pharmaceuticals Inc., along with its one affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Northern District of Texas on December 19, 2023. The debtor listed its assets of $27.28 million and liabilities of $131.98 million. The debtor is represented by Rakhee V. Patel of Sidley Austin LLP and Fenwick & West LLP as its legal counsels.

Brandon Smith of Teneo Capital LLC is appointed as Chief Restructuring Officer. The company also hired Moelis & Company as investment banker and OMNI Management Group, LLC as claims and noticing agent and administrative advisor.