8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 29, 2013

SAVIENT PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	0-15313	13-3033811
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 Crossing Boulevard Bridgewater, NJ	08807
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (732) 418-9300

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

As previously announced, on October 14, 2013, Savient Pharmaceuticals, Inc. (the “Company”) and its subsidiary, Savient Pharma Holdings, Inc. (collectively, the “Debtors”), filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

On October 29, 2013, the Debtors filed their initial monthly operating report (the “Initial Monthly Operating Report”) with the Bankruptcy Court. The Initial Monthly Operating Report is attached hereto as Exhibit 99.1.

Cautionary Statement Regarding the Initial Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Initial Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Initial Monthly Operating Report is limited in scope and has been prepared solely for the purpose of complying with requirements of the Bankruptcy Court. The Initial Monthly Operating Report was not reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment. The financial information in the Initial Monthly Operating Report is not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosures. The Initial Monthly Operating Report also relates to periods which are different from the historical periods required in the Company’s reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K and Exhibit 99.1 hereto (collectively, this “Current Report”) may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. We often use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “predict,” “will,” “would,” “could,” “should,” “target” and similar expressions to identify forward-looking statements. All statements contained in this Current Report that are not statements of historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this Current Report should be considered forward-looking statements. Actual results or events could differ materially from those indicated in forward-looking statements as a result of risks and uncertainties, including, among others, the potential adverse impact of the Chapter 11 filings on our liquidity or results of operations, changes in our ability to meet financial obligations during the Chapter 11 process or to maintain contracts that are critical to our operations, the outcome or timing of the Chapter 11 process and the related proposed asset sale (including the occurrence or likelihood of an auction), the effect of the Chapter 11 filings or related proposed asset sale on our relationships with third parties, regulatory authorities and employees, proceedings that may be brought by third parties in connection with the Chapter 11 process or the related proposed asset sale, Bankruptcy Court approval or other conditions to the related proposed asset sale, and the timing or amount of any distributions to the Company’s stakeholders. Many of such factors relate to events and circumstances that are beyond the Company’s control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this Current Report.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. The filing of this current report (including Exhibit 99.1 attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.

Additional Information regarding the Chapter 11 Case

Additional information regarding the Company’s Chapter 11 case is available at www.gcginc.com/cases/svnt. This link is provided for convenience only. Such information shall not be deemed to be incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

99.1 Initial Monthly Operating Report, dated October 29, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SAVIENT PHARMACEUTICALS, INC.
Date: October 30, 2013	By:	/s/ Philip K. Yachmetz
		Name:	Philip K. Yachmetz
		Title:	Co-President and Chief Business Officer

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Initial Monthly Operating Report, dated October 29, 2013.

EX-99.1

Exhibit 99.1

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

	x
	:
In re:	:	Chapter 11
	:
SAVIENT PHARMACEUTICALS, INC.,	:	Case No. 13-12680 (MFW)
et al.,	:
	:	Jointly Administered
Debtors.1	:
	:
	x

NOTICE OF FILING OF INITIAL MONTHLY OPERATING REPORT

PLEASE TAKE NOTICE that the debtors and debtors in possession in the above-captioned jointly administered bankruptcy cases (collectively, the “Debtors”) filed today the Initial Monthly Operating Report, a copy of which is attached hereto as Exhibit A.

Dated: Wilmington, Delaware

             October 29, 2013

SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP

/s/ Dain A. De Souza

Anthony W. Clark (I.D. No. 2051)

Dain A. De Souza (I.D. No. 5737)

One Rodney Square

P.O. Box 636

Wilmington, Delaware 19899-0636

Telephone: (302) 651-3000

Fax: (302) 651-3001

- and -

¹  The Debtors and the last four digits of their respective taxpayer identification numbers are as follows: Savient Pharmaceuticals, Inc. (3811), Savient Pharma Holdings, Inc. (0701). The address of the Debtors’ corporate headquarters is 400 Crossing Boulevard, 3rd Floor, Bridgewater, New Jersey 08807.

Docket No. 94          

Date Filed: 10/29/13

Kenneth S. Ziman

David M. Turetsky

Four Times Square

New York, New York 10036-6522

Telephone: (212) 735-3000

Fax: (212) 735-2000

Proposed Counsel for Debtors and Debtors in Possession

2

EXHIBIT A

3

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

Savient Pharmaceuticals, Inc. et al	Case No. 13-12680 (MFW)
Debtor

INITIAL MONTHLY OPERATING REPORT

File report and attachments with Court and submit copy to United States Trustee within 15 days after order for relief.

Certificates of insurance must name United States Trustee as a party to be notified in the event of policy cancellation. Bank accounts and checks must bear the name of the debtor, the case number, and the designation “Debtor in Possession.” Examples of acceptable evidence of Debtor in Possession Bank accounts include voided checks, copy of bank deposit agreement/certificate of authority, signature card, and/or corporate checking resolution.

REQUIRED DOCUMENTS	Document Attached	Explanation Attached
12-Month Cash Flow Projection (Form IR-1)	Exhibit 1	13-week cash flow budget
Certificates of Insurance:
Workers Compensation	Exhibit 2	Certificates of Insurance
Property
General Liability
Vehicle
Other:
Identify areas of self-insurance w/liability caps
Evidence of Debtor in Possession Bank Accounts
Tax Escrow Account	Exhibit 3	Interim Cash Management Order
General Operating Account
Money Market Account pursuant to Local Rule 4001-3 for the District of Delaware only. Refer to:
http://www.deb.uscourts.gov/
Other:
Retainers Paid (Form IR-2)	Exhibit 4

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.

Signature of Debtor	Date
Signature of Joint Debtor	Date
/s/ John Hamill	October 29, 2013
Signature of Authorized Individual*	Date
John Hamill Printed Name of Authorized Individual	Co-President and Chief Financial Officer Title of Authorized Individual

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

FORM IR

(4/07)

EXHIBIT 1

13-WEEK BUDGET

Week	1			2			3			4			5			6			7			8			9			10			11			12			13			TOTAL
	Est.			Est.			Est.			Est.			Est.			Est.			Est.			Est.			Est.			Est.			Est.			Est.			Est.
	W/E			W/E			W/E			W/E			W/E			W/E			W/E			W/E			W/E			W/E			W/E			W/E			W/E
	10/18/13			10/25/13			11/01/13			11/08/13			11/15/13			11/22/13			11/29/13			12/06/13			12/13/13			12/20/13			12/27/13			01/03/14			01/10/14
Beginning Cash Balance	$	27,744		$	27,983		$	28,222		$	27,996		$	27,720		$	26,756		$	26,843		$	26,011		$	25,669		$	25,978		$	25,293		$	25,684		$	26,070		$	27,744
Total Cash Collections	$	500		$	525		$	500		$	525		$	500		$	525		$	580		$	500		$	500		$	525		$	400		$	400		$	400		$	6,380
Disbursements:
Payroll Related		—			(2	)		(565	)		(200	)		(1,256	)		—			(567	)		(550	)		—			—			—			—			—			(3,140	)
Concur		(50	)		(50	)		(50	)		(50	)		(50	)		(50	)		(50	)		(25	)		—			—			—			—			—			(375	)
Board Fees		—			—			—			—			—			—			—			—			(105	)		—			—			—			—			(105	)
Royalty Payments		—			—			—			—			—			—			(495	)		—			—			—			—			—			—			(495	)
Distribution Fees		(11	)		(11	)		(11	)		(11	)		(11	)		(11	)		(11	)		(11	)		—			—			—			—			—			(88	)
Taxes		—			—			—			—			—			—			(19	)		—			—			—			—			—			—			(19	)
Rent		—			(123	)		—			—			—			—			(123	)		—			—			—			—			—			—			(246	)
Other (1)		(200	)		(100	)		(100	)		(540	)		(147	)		(147	)		(147	)		(247	)		—			—			—			—			—			(1,628	)
Restructuring Costs		—			—			—			—			—			(230	)		—			(9	)		(86	)		(1,210	)		(9	)		(14	)		(14	)		(1,572	)
Total Disbursements	($	261	)	($	286	)	($	726	)	($	801	)	($	1,464	)	($	438	)	($	1,412	)	($	842	)	($	191	)	($	1,210	)	($	9	)	($	14	)	($	14	)	($	7,668	)
Net Change in Cash	$	239		$	239		($	226	)	($	276	)	($	964	)	$	87		($	832	)	($	342	)	$	309		($	685	)	$	391		$	386		$	386		($	1,288	)
Ending Cash Balance	$	27,983		$	28,222		$	27,996		$	27,720		$	26,756		$	26,843		$	26,011		$	25,669		$	25,978		$	25,293		$	25,684		$	26,070		$	26,456		$	26,456

Note: Amounts do not reflect the proposed Cash Payment and certain other proposed adequate protection payments.

(1) Includes all other accounts payable related expenses relating to operations of the Company. These expenses include selling, marketing, clinical R&D, regulatory, cost of goods sold and administrative costs.

ACCRUAL BUDGET

ACCRUAL BUDGET
	Oct-13		Nov-13		Dec-13		Jan-14		Feb-14		Mar-14		Apr-14		May-14		Total
Company Advisors:
Skadden	$	1.90	$	1.00	$	0.25		—		—		—		—		—	$	3.15
Lazard		0.15		0.15		2.19		—		—		—		—		—		2.49
Cole Schotz		0.18		0.25		0.45		0.25		0.28		0.21		0.26		0.13		2.00
Deloitte		0.04		0.08		0.04		—		—		—		—		—		0.16
Kramer Levin		0.10		0.13		0.09		—		—		—		—		—		0.31
Joelle Frank		0.03		0.05		0.03		—		—		—		—		—		0.10
GCG (Claims Agent)		0.39		0.08		0.10		0.08		0.14		0.08		0.10		0.03		0.98
Subtotal Company Advisors	$	2.78	$	1.73	$	3.14	$	0.33	$	0.41	$	0.29	$	0.36	$	0.16	$	9.18
Secured Lender Advisor:
Paul, Weiss	$	0.40	$	0.40	$	0.40	$	0.10	$	0.10	$	0.10	$	0.10	$	0.08	$	1.68
Subtotal Secured Lender Advisor	$	0.40	$	0.40	$	0.40	$	0.10	$	0.10	$	0.10	$	0.10	$	0.08	$	1.68
UCC Advisors:
Legal Advisor (TBD)		—	$	0.05	$	0.03		—		—		—		—		—	$	0.08
Financial Advisor (TBD)		—		0.05		0.03		—		—		—		—		—		0.08
Subtotal UCC Advisors	$	0.00	$	0.10	$	0.05	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.15
Other Expenses:
Court and U.S. Trustee Fees	$	0.03	$	0.03	$	0.04	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.12
Operational Wind-Down Expenses		—		—		0.03		0.06		0.06		0.04		0.04		0.04		0.27
Liquidating Trust		—		—		—		—		—		0.20		—		—		0.20
Employee-Related Costs (after-sale)		0.08		—		1.14		—		—		—		—		—		1.22
Contingency and Expenses		0.31		0.34		0.55		0.07		0.09		0.09		0.08		0.04		1.57
Subtotal Other	$	0.42	$	0.36	$	1.76	$	0.14	$	0.15	$	0.34	$	0.12	$	0.09	$	3.38
Total	$	3.59	$	2.59	$	5.34	$	0.57	$	0.66	$	0.73	$	0.58	$	0.32	$	14.39

Note: For purposes of measuring fees and expenses against the amounts set forth in this Accrual Budget, the amounts set forth in this Accrual Budget are estimated accruals, not cash payments, with the excess of accrual over actual for any month (or months) to be carried over into and increase the subsequent month’s Budget.

Note: Amounts do not reflect the proposed Cash Payment and certain other proposed adequate protection payments.

EXHIBIT 2

DESCRIPTIONS (Continued from Page 1)

$10,000,000 Aggregate

Navigators Specialty Insurance Company - NAIC #36056

Policy Number: NY13LEX630148NC

Policy Period: 01/01/2013 - 01/01/2014

Excess Products Liability

$10,000,000 Occurrence

$10,000,000 Aggregate

Gemini Insurance Company - NAIC #10833

Policy Number: EX108613

Policy Period: 01/01/2013 - 01/01/2014

Excess Products Liability

$10,000,000 Occurrence

$10,000,000 Aggregate

Ironshore Specialty Insurance Company

Policy Number: 001127302

Policy Period: 01/01/2013 - 01/01/2014

Excess Products Liability

$10,000,000 Occurrence

$10,000,000 Aggregate

Catlin Insurance Company (UK) Ltd.

Policy Number: LO1307459

Policy Period: 01/01/2013 - 01/01/2014

Excess Products Liability

$5,000,000 Occurrence

$5,000,000 Aggregate

National Union Fire Insurance Company Pittsburgh - NAIC #19445

Policy Number: 016400181

Policy Period: 02/01/2013 - 01/01/2014

Employment Practices Liability

Limit of Liability: $3,000,000

Liberty Surplus Insurance Corporation - NAIC #10725

Policy Number: TVENY100466113

Policy Period: 01/01/2013 - 01/01/2014

Pollution Legal Liability

Aggregate Limit: $1,000,000

Lloyd’s of London

Policy Number: MC2144/WC2144

Policy Period: 01/01/2013 - 01/01/2014

Transit/Ocean Cargo

Vessel/Air/Land Conveyance: $10,000,000

Federal Insurance Company - NAIC #20281

Policy Number: 8212-18-45

Policy Period: 01/01/2013 - 01/01/2014

Fiduciary Liability/Crime/Kidnap & Ransom

Each Claim Limit: $5,000,000 Kidnap/Ransom: $2,000,000

Each Policy Period: $5,000,000

ACE American Insurance Company - NAIC #22667

Policy Number: ADDN04831445

Policy Period: 01/01/2013 - 01/01/2014

SAGITTA 25.3 (2010/05)   2 of 3

#S 1040807/M 1040777

DESCRIPTIONS (Continued from Page 1)

Travel Accident

Aggregate Limit: $1,500,000 (Maximum Benefit)

Great Northern Insurance Company (Chubb) - NAIC #20303

Policy Number: 2178-69-72

Policy Period: 01/01/2013 - 01/01/2014

Foreign Property - Israel

Property Damage: $1,500,000

Business Interruption/EE & R&DI: $3,000,000

Underwriters At Lloyds - NAIC #32727

Policy Number: B128410422W13

Policy Period: 03/11/2013 - 03/11/2014

Terrorism/Property - Israel

Limit of Liability: $7,250,000

“Notice Party”

Office of The United States Trustee

Attn: Mark Kenney

844 King Street, Suite 2207

Lockbox 35

Wilmington, DE 19801

Phone: (302) 573-6491

Facsimile: (302) 573-6497

SAGITTA 25.3 (2010/05)   3 of 3

#S 1040807/M 1040777

EXHIBIT 3

Case 13-12680-MFW     Doc 35     Filed 10/16/13     Page 1 of 8

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

	x
	:
In re:	:	Chapter 11
	:
SAVIENT PHARMACEUTICALS, INC.,	:	Case No. 13-12680 (MFW)
et al.,	:
	:	Jointly Administered
Debtors.1	:
	:
	x	Related Docket No. 5

INTERIM ORDER PURSUANT TO 11 U.S.C. §§ 105(a), 345, 363 AND 503(b), FED. R.

BANKR. P. 6003 AND 6004, AND DEL. BANKR. L.R. 2015-2 AND 4001-3 (I)

AUTHORIZING (A) THE CONTINUED USE OF EXISTING CASH MANAGEMENT

SYSTEM, BANK ACCOUNTS, BUSINESS FORMS, AND DEPOSIT AND

INVESTMENT PRACTICES; (B) PAYMENT OF RELATED PREPETITION

OBLIGATIONS AND (C) A WAIVER OF CERTAIN OPERATING GUIDELINES

RELATING TO BANK ACCOUNTS; (II) AUTHORIZING CONTINUED

ENGAGEMENT IN INTERCOMPANY TRANSACTIONS; AND (III) ACCORDING

ADMINISTRATIVE EXPENSE PRIORITY STATUS TO

ALL POSTPETITION INTERCOMPANY CLAIMS

Upon the motion (the “Motion”)² of the Debtors for an interim order (the “Order”), pursuant to sections 105(a), 345, 363 and 503(b) of the Bankruptcy Code, Bankruptcy Rules 6003 and 6004, and Local Bankruptcy Rules 2015-2 and 4001-3, (i) authorizing, but not directing (a) the continued use of the Debtors’ existing cash management system, bank accounts, business forms, and deposit and investment practices under the cash management system; (b) payment of related prepetition obligations and (c) to the extent inconsistent with such practices, a waiver of investment and deposit requirements of Bankruptcy Code section 345(b) and the U.S.

¹  The Debtors and the last four digits of their respective taxpayer identification numbers are as follows: Savient Pharmaceuticals, Inc. (3811), Savient Pharma Holdings, Inc. (0701). The address of the Debtors’ corporate headquarters is 400 Crossing Boulevard, 3rd Floor, Bridgewater, New Jersey 08807.

²  Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Motion or the First Day Declaration.

Case 13-12680-MFW     Doc 35     Filed 10/16/13     Page 2 of 8

Trustee Guidelines; (ii) authorizing the Debtors to continue engaging in intercompany transactions in the ordinary course of business; and (iii) according administrative expense priority status to postpetition intercompany claims; and upon the First Day Declaration; and due and sufficient notice of the Motion having been given under the particular circumstances; and it appearing that no other or further notice need be provided; and it appearing that the relief requested by the Motion is in the best interests of the Debtors, their estates, their creditors and other parties in interest; and after due deliberation thereon and good and sufficient cause appearing therefor, it is hereby,

ORDERED, ADJUDGED AND DECREED that:

1. The Motion is GRANTED on an interim basis as set forth herein.

2. The final hearing on this Motion is set for Nov. 13, 2013 at 9:30 am/p.m. (prevailing Eastern Time). Any objections or responses to entry of the proposed Final Order shall be filed and served upon (i) the Debtors, Savient Pharmaceuticals, Inc., 400 Crossing Boulevard, 3rd Floor, Bridgewater, New Jersey, 08807 (Attn: Philip Yachmetz), (ii) proposed counsel for the Debtors, Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036-6522 (Attn: Kenneth S. Ziman and David M. Turetsky); (iii) proposed counsel for the Debtors, Skadden Arps Slate Meagher & Flom LLP, One Rodney Square, 920 North King Street, Wilmington, Delaware 19801 (Attention: Anthony W. Clark), (iv) counsel to the Unofficial Committee of Senior Secured Noteholders, Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York 10019-6064, (Attn: Andrew N. Rosenberg, Elizabeth McColm and Jacob A. Adlerstein) and Young, Conaway, Stargatt & Taylor LLP, Rodney Square, 1000 North King Street, Wilmington, Delaware 19801 (Attn: Pauline K. Morgan) and (v) the U.S. Trustee, so as to be received by 4:00 p.m. (prevailing Eastern Time) no later than seven (7) days prior to the final hearing.

2

Case 13-12680-MFW     Doc 35     Filed 10/16/13     Page 3 of 8

3. Pursuant to sections 105 and 363 of the Bankruptcy Code, the Debtors, in their discretion, are authorized, but not directed, to (i) designate, maintain and continue to use any and all of their Bank Accounts in existence as of the Petition Date, with the same account numbers, including the accounts identified in Exhibit A annexed hereto, and need not comply with certain operating guidelines relating to bank accounts set forth in the U.S. Trustee Guidelines; (ii) close existing accounts; (iii) open new accounts; and (iv) treat the Bank Accounts for all purposes as accounts of the Debtors in their capacity as debtors in possession; provided, however, that the Debtors are only authorized to open new bank accounts (a) after providing notice to the U.S. Trustee, the Unofficial Committee of Senior Secured Noteholders and any official committee appointed in the Chapter 11 Cases; (b) with a bank that (x) is organized under the laws of the United States of America or any state therein, (y) is insured by the FDIC, and (z) is an authorized depository in the District of Delaware or has executed, or is willing to immediately execute, a Uniform Depository Agreement with the Office of the United States Trustee for the District of Delaware; (c) that are designated “Debtor in Possession” accounts by the relevant bank and (d) subject to the terms and conditions of the Cash Collateral Order.

4. The relief granted in the Order is extended to any new bank account opened by the Debtors, in accordance with the provisions of this Order, after the date hereof, which account shall be deemed a Bank Account, and to the bank at which such account is opened.

5. To the extent the Debtors close bank accounts, they shall provide notice to the U.S. Trustee, the Unofficial Committee of Senior Secured Noteholders and any official committee appointed in the Chapter 11 Cases.

3

Case 13-12680-MFW     Doc 35     Filed 10/16/13     Page 4 of 8

6. The Debtors shall not make any intercompany transfers to non-debtor affiliates absent further order of the Court.

7. Within fifteen (15) days from the date of entry of the Order, the Debtors shall (a) contact each of the Debtors’ Banks; (b) provide the Debtors’ Banks with each of the Debtors’ employer identification numbers; and (c) identify each of their accounts held at the Debtors’ Banks as being held by a debtor in possession.

8. The Debtors are authorized, but not directed, to continue to use their existing Business Forms without alteration or change and without the designation “Debtor in Possession” imprinted upon them; provided, however, that upon depletion of the Debtors’ check stock, the Debtors will obtain new check stock bearing the designation “Debtor in Possession.”

9. The Debtors are authorized to continue to use their existing Cash Management System. The Debtors may, in the ordinary course of business, transfer funds into, out of, and through the Cash Management System in accordance with the Debtors’ prepetition practices. In connection with the ongoing utilization of their Cash Management System, the Debtors shall continue to maintain records with respect to all transfers of cash so that all transactions may be readily ascertained, traced, and recorded properly. Except as otherwise set forth herein, the Debtors are further authorized to implement any changes to the Cash Management System that they deem appropriate in their discretion, subject to the terms and conditions of the Cash Collateral Order.

10. The requirements of the U.S. Trustee Guidelines that the Debtors close all existing bank accounts and open new debtor in possession accounts are hereby waived. Further, the requirements of the U.S. Trustee Guidelines that the Debtors establish specific bank accounts for tax payments are hereby waived.

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11. The Bank Accounts are deemed debtor in possession accounts. Subject to the Cash Collateral Order, the Debtors are authorized, but not directed, to maintain and use the Bank Accounts in the same manner and with the same account numbers, styles and document forms as those employed prior to the Petition Date, including, without limitation: (a) to deposit funds in, and withdraw funds from, the Bank Accounts by all usual means, including checks, wire transfers and other debits; (b) to pay postpetition ordinary course bank fees in connection with the Bank Accounts; (c) to perform their obligations under the documents and agreements governing the Bank Accounts; and (d) to treat the Bank Accounts for all purposes as accounts of the Debtors in their capacities as debtors in possession.

12. After the Petition Date, and subject to the terms of the Order, the Debtors’ Banks are authorized and directed to continue to administer the Bank Accounts as such accounts were maintained prepetition, without interruption and in the usual and ordinary course, and to debit the Debtors’ Bank Accounts in the ordinary course of business without the need for further order of this Court for: (a) all checks drawn on the Bank Accounts which were cashed at the Debtors’ Banks’ counters or exchanged for cashier’s checks by the payees thereof prior to the Petition Date; and (b) all undisputed prepetition amounts outstanding as of the date hereof, if any, owed to the Debtors’ Banks as service charges for the maintenance of the Debtors’ Cash Management System.

13. Notwithstanding anything in this Order to the contrary, no checks, drafts, wires or electronic fund transfers (excluding any electronic fund transfers that the Debtors’ Banks are obligated to settle), or other items presented, issued, or drawn on the Bank Accounts prior to the Petition Date shall be honored, unless (a) authorized by order of this Court; (b) not otherwise

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prohibited by a “stop payment” request timely received by the Debtors’ Banks from the Debtors; and (c) supported by sufficient funds in the Bank Account in question.

14. Subject to the provisions of the Order, the Debtors’ Banks are authorized and directed to honor all disbursements of the Debtors from the Bank Accounts dated subsequent to the Petition Date to the extent of sufficient available funds.

15. The Debtors’ Banks are further authorized and directed to (a) honor the Debtors’ directions with respect to the opening or closing of any Bank Account and (b) accept and hold, or invest, the Debtors’ funds in accordance with the Debtors’ instructions; provided that the Debtors’ Banks shall not have any liability to any party for relying on such representations.

16. The Debtors are authorized to continue engaging in Intercompany Transactions in connection with the Cash Management System in the ordinary course of business and subject to the Cash Collateral Order, including increasing the amount of the Intercompany Note. The Intercompany Claims arising postpetition relating to the Intercompany Transactions shall have administrative expense priority status pursuant to section 503(b) of the Bankruptcy Code.

17. The requirements of section 345 of the Bankruptcy Code shall be waived with respect to the Bank Accounts and any other accounts of the Debtors with the banks; provided, however, that the Debtors shall comply with Local Bankruptcy Rule 4001-3 within sixty (60) days of entry of the Order.

18. The Debtors shall serve a copy of the Order on the Debtors’ Banks within five (5) business days of the entry of the Order, and upon any bank at which the Debtors open a new bank account, immediately upon the opening of such new account.

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19. To the extent applicable, the Court finds and determines that the requirements of Bankruptcy Rule 6003 are satisfied and that the relief requested is necessary to avoid immediate and irreparable harm.

20. Notwithstanding Bankruptcy Rule 6004(h), the Order shall be effective and enforceable immediately upon entry hereof.

21. To the extent any other order is entered by this Court directing the Debtors’ Banks to honor checks, drafts, automated clearing house transfers, or other electronic funds transfers or any other withdrawals made, drawn, or issued in payment of prepetition claims, the obligation to honor such items shall be subject to the Order.

22. Notwithstanding anything to the contrary contained herein, any payment to be made, or authorization contained, hereunder will be subject to the requirements imposed on the Debtors under the Cash Collateral Order, including any budget approved in connection therewith; provided that the Banks shall be authorized to rely on the Debtors’ representations that any requests for payments or transfers made by the Debtors to the Banks with respect to the Bank Accounts is consistent with the Cash Collateral Order.

23. The requirements set forth in Local Bankruptcy Rule 9013-l(b) are satisfied by the contents of the Motion.

24. The Debtors are authorized and empowered to take all actions necessary to implement the relief granted in this Order.

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25. This Court shall retain jurisdiction with respect to all matters arising from or related to the implementation or interpretation of this Order.

Dated: Wilmington, Delaware

             Oct. 16, 2013

/s/ Mary F. Walrath

Honorable Mary F. Walrath

UNITED STATES BANKRUPTCY JUDGE

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EXHIBIT A

Debtors’ Bank Accounts

Bank	Account Number	Account Holder	Description
PNC Bank, N.A. 500 First Avenue, 5th Pittsburgh, PA 15219	XXX-XXX-5687	Savient Pharmaceuticals, Inc.	Operating Account
	XXX-XXX-6418	Savient Pharma Holdings, Inc.	Operating Account
Fidelity Capital Markets 200 Seaport Boulevard Z2H Boston, MA 02210	XXX-XX0159	Savient Pharmaceuticals, Inc.	Money Market Account
	XXX-XX0175	Savient Pharma Holdings, Inc.	Money Market Account
Wells Fargo Advisors 401 S. Tryon Street Charlotte, NC 28202-1934	XXXX-9201	Savient Pharmaceuticals, Inc.	Money Market Account and Certificates of Deposit Account

EXHIBIT 4

Case No. 13-12680 (MFW)

In re Savient Pharmaceuticals, Inc.

SCHEDULE OF RETAINERS PAID TO PROFESSIONALS

	Check					Amount Applied
Payee	Date	Number	Name of Payor	Amount		to Date		Balance
Arnold & Porter (UK) LLP1	10/11/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	50,000.00	$	—	$	50,000.00
Cole Schotz Meisel Forman & Leonard, P.A.	3/20/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	75,000.00	$	—	$	75,000.00
Joele Frank, Wilkinson Brimmer	10/3/2013	67536	Savient Pharmaceuticals, Inc.	$	30,000.00	$	—	$	30,000.00
Kramer, Levin, Naftalis & Frankel, LLP	10/2/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	55,000.00	$	—	$	55,000.00
Paul, Weiss, Rifkind,Wharton & Garrison LLP	5/31/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	150,000.00	$	—	$	150,000.00
Skadden, Arps, Slate, Meagher & Flom LLP	3/25/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	750,000.00	$	539,314.00	$	210,686.00
Skadden, Arps, Slate, Meagher & Flom LLP	8/5/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	400,000.00	$	—	$	400,000.00
Skadden, Arps, Slate, Meagher & Flom LLP2	9/25/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	500,000.00	$	—	$	500,000.00
The Garden City Group, Inc.	3/28/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	380,000.00	$	355,000.00	$	25,000.00
Young Conaway Stargatt & Taylor, LLP	10/9/2013	Wire Transfer	Savient Pharmaceuticals, Inc.	$	25,000.00	$	—	$	25,000.00

¹  While included on this Schedule, the amount paid is “money on account”

²  With amounts applied to the Skadden Retainer, at no time did Skadden hold a Retainer exceeding $1.5 million.

Form IR-2

(4/07)