Akorn files for Chapter 7 bankruptcy, terminates all employees
Illinois-based generics firm Akorn has filed for Chapter 7 bankruptcy in Delaware, according to a Bloomberg Law report, which cited court papers.
Akorn went bankrupt in 2020 after a $4.3 billion takeover offer failed, the report said.
The company “fell apart, has ceased operations and terminated all of its employees,” according to the report, which also pointed out that the filing removes existing management from control of the company and provides for a trustee to sell off Akorn’s assets.
[Read more: Akorn to pay $7.9M to resolve allegations of fraudulent billing]
Akorn listed assets of as much as $1 billion and liabilities of as much as $500 million in its bankruptcy petition, the report said.
[Read more: Akorn receives FDA OK for generic Cetrotide]