Avadel Pharma Gets OK For Liquidation Plan After IRS Deal

Law360 (October 6, 2020, 7:51 PM EDT) -- A Delaware bankruptcy judge Tuesday approved drugmaker Avadel Specialty Pharmaceuticals LLC's Chapter 11 liquidation plan after hearing it had settled a dispute over its federal taxes.

At a remote hearing U.S. Bankruptcy Judge Christopher Sontchi gave Avadel permission to distribute what's left of the proceeds of a 2019 asset sale and the remainder of its cash after being told the drugmaker had reached settlements with the Internal Revenue Service and other parties with claims against the estate.

Avadel hit Chapter 11 in February 2019 after slower than expected sales of Noctiva, its only product, which treats excessive nighttime urination. The company...

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