New Delaware Chapter 11 Filing – Egalet Corporation

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Egalet Corporation (OCTQX: EGLT), along with two of its affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12439).  Egalet, based in Wayne, Pennsylvania, is a specialty pharmaceutical company that develop and manufactures pain-relief medications.  According to the First Day Declaration, Egalet began exploring strategic restructuring options after challenges in monetizing its products.  The First Day Declaration further discloses that Egalet has determined that the acquisition of Iroko Pharmaceuticals Inc., a pharmaceutical company based in Philadelphia, PA, presented the most viable restructuring option for Egalet and Egalet enters chapter 11 having entered into an agreement to acquire certain assets and liabilities of Iroko.  Egalet has filed a Joint Plan of Reorganization and intends to pay its unsecured creditors in full.  The Disclosure Statement can be found here.  No claims or noticing agent has been proposed.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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