New Delaware Chapter 11 Filing – Insys Therapeutics, Inc.
Insys Therapeutics, Inc., an Arizona-based pharmaceutical company and opioid manufacturer (INSY), filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11292), along with six of its affiliates. According to the First Day Declaration, the Debtors filed for chapter 11 as a result of “unsustainable” litigation expenses related to the “opioid crisis,” and are seeking to commence a post-petition sale of their assets. The Debtors have proposed Epiq to serve as their claims and noticing agent. The Debtors report assets of $175,114,056 and liabilities of $262,504,755. The cases have been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick or G. David Dean 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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