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.