Wilmington, DE (PRWEB) March 19, 2006
On February 24, 2006, Young Conaway Stargatt & Taylor, LLP, acting as lead counsel, gained approval from the United States Bankruptcy Court for the District of Delaware of the Debtor’s First Amended Chapter 11 Plan of Reorganization filed by Pharmaceutical Formulations, Inc. n/k/a 14605 Incorporated - PFI.
The Debtor’s First Amended Chapter 11 Plan of Reorganization was declared effective on March 7, 2006. PFI filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware on July 11, 2005.
As of the filing of the Chapter 11 petition, PFI was a publicly traded Delaware corporation that manufactured and distributed over-the-counter generic pharmaceuticals. With over 400 full time employees, a product line including more than 90 different types of pharmaceuticals, and gross sales of approximately $68 million in 2004, PFI was one of the four largest manufacturers of private-label over-the-counter pharmaceuticals in the United States.
On September 23, 2005, PFI consummated the sale of substantially all its assets to Leiner Health Products L.L.C. After consummating the sale to Leiner, PFI successfully prosecuted its Chapter 11 Plan, which reorganized PFI’s remaining assets and provided a recovery general unsecured creditors of up to 80% on account of their allowed claims.
Young Conaway Stargatt & Taylor, LLP, one of Delaware’s largest law firms, counsels and represents national, international and local clients, handling sophisticated advisory and litigation matters involving bankruptcy, corporate law and intellectual property. Now in its fifth decade, Young Conaway also guides regional businesses and individuals through a myriad of employment, real estate, tax, estate planning, environmental, banking and consumer issues, from the firm's offices in downtown Wilmington. http://www.youngconaway.com