May 10, · AaiPharma Inc., a pharmaceutical maker, said yesterday that it planned to file for Chapter 11 bankruptcy protection this month and that it had agreed to . May 10, · RESEARCH TRIANGLE PARK -- aaiPharma has secured a buyer for its pharmaceuticals division and is planning to initiate Chapter 11 bankruptcy filings . Aaipharma Inc.'s PlainSite profile, including litigation, intellectual property, public records and more. United States C Corporation No tags have been applied so far.
The filing of our chapter 11 plan is a significant milestone in our bankruptcy case, and we are extremely pleased with the level of support from our key creditor constituencies for our chapter 11 plan. The support that we receive from these constituencies will help us to proceed as expeditiously as possible through the balance of this process.
A hearing on the adequacy of the Disclosure Statement has been scheduled to commence on December 2, Court approval of the Disclosure Statement is necessary to allow AAIPharma to begin soliciting acceptances of the plan. Consummation of the plan is subject to a number of conditions, including, among others, acceptance by the requisite creditors and a determination by the Bankruptcy Court that the Plan complies with the confirmation requirements of the Bankruptcy Code.
The filing will enable aaiPharma to continue normal business operations during the restructuring proceedings. The DIP Facility will help ensure that vendors, suppliers and other business partners will continue to be paid under normal terms for goods and services provided during the period while the company is operating in chapter In addition, the agreement contemplates that, at the closing of the asset sale, the purchaser would enter into agreements with aaiPharma pursuant to which aaiPharma would provide manufacturing, development and other services.
Ludo J. We appreciate the continuing support of our customers, creditors, and suppliers and the dedication of our employees to making aaiPharma healthier overall. The company said it has also initiated discussions to sell a portion of its pharmaceutical business to an unidentified third party. AaiPharma has signed an agreement that provides the potential buyer a three-week exclusivity period to negotiate a sale. AaiPharma didn't disclose any details about which assets are on the auction block.