New Delaware Chapter 11 Filing – Pernix Sleep, Inc.
Pernix Sleep, Inc., along with twelve affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10323). Pernix, headquartered in Morristown, New Jersey, is a specialty pharmaceutical company which sells three core branded products through wholesalers to drug stores and pharmacies nationwide. According to the First Day Declaration, Pernix has filed as a result of several adverse litigation outcomes, and in order to right-size its capital structure. Pernix announced in a press release earlier today that it enters chapter 11 intending to sell substantially all of its assets, with affiliates of Highbridge Capital Management serving as the stalking horse bidder. A bid procedures motion has not yet been filed. Prime Clerk is the proposed claims and noticing agent. The cases have been assigned to the Honorable Chief Judge Christopher S. Sontchi.
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