Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

ScripsAmerica Chapter 11 Petition Filed

ScripsAmerica filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 16-11991. The Company, which provides of pharmaceutical supply chain management, is represented by Joseph J. McMahon, Jr. of Ciardi, Ciardi & Astin. According to documents filed with the Court, "The cessation of Main Avenue's pharmacy operations…adversely affected both Scrips' cash flow and value. Further, Scrips has been involved in significant litigation with [Ironridge Global IV and Ironridge Global Partners]…; the fight has further depleted Scrips' limited resources." On its corporate Website, ScripsAmerica notes, "Faced with these case deadlines and financial challenges, the Company's Board of Directors determined that the only available course of action was to file a voluntary petition for reorganization in order to provide sufficient time to resolve our financial challenges and to permit the Company to file a reorganization plan and to go forward."

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