Insys Alters Ch. 11 Plan After Claimant Deal Falls Through
Law360, Wilmington (November 14, 2019, 10:12 PM EST) -- Bankrupt drugmaker Insys Therapeutics told a Delaware judge Thursday that it would be moving forward with an amended Chapter 11 plan of liquidation after it failed to reach consensus with all creditor parties on how the estate’s assets should be distributed.
During a hearing in Wilmington, debtor attorney Ronit Berkovich of Weil Gotshal & Manges LLP said its originally proposed plan contemplated tiered recoveries for parties with claims against the company, and plaintiffs involved in multidistrict litigation over drugmakers’ involvement in the national opioid crisis opposed that treatment.
In response, Insys filed an amended plan Thursday morning that will provide creditor...
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