Chem Rx's Bidding Procedures, Breakup Fee OK'd

Law360, New York (October 7, 2010, 3:46 PM EDT) -- A bankruptcy court judge has approved bidding procedures for Chem Rx Corp. that include a 2 percent breakup fee, putting more weight behind PharMerica Corp.'s $70.6 million bid for the pharmacy chain.

In a Wednesday order, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware also set an Oct. 29 auction date and Nov. 2 sale hearing date for Chem Rx.

The ruling puts PharMerica, now the stalking horse bidder, in the lead for Chem Rx. Any further bid would have...
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