New Delaware Chapter 11 Filing – Egalet Corporation
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.
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