Chem Rx Creditors Want Exclusivity Extension Blocked

Law360, New York (September 30, 2010, 3:27 PM EDT) -- Bankrupt pharmacy chain Chem Rx Corp.'s unsecured creditors have asked a court to block the company's request to extend its exclusivity period, saying it used the Chapter 11 process to facilitate a $70.6 million sale to PharMerica Corp. rather than a reorganization.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware the unsecured creditors say an extension of the exclusivity period is unnecessary once the sale to PharMerica is complete because the committee would then be charged with completing the...
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