Botched Deal Follows AAIPharma's Solvency

Law360, New York (March 8, 2006, 12:00 AM EST) -- After emerging from Chapter 11 bankruptcy protection, pharmaceutical firm AAIPharma Inc. has hit a roadblock, with the company it sold a major unit to now accusing it in court of failing to follow through on the sale.

AAIPharma filed for bankruptcy in May 2005, listing assets of $323.3 million and debts of $446.7 million. Its reorganization plan was approved in January by Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware.

The North Carolina-based drug maker emerged as a privately held...
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