Chem Rx Auction Canceled Due To Low Bid Turnout

Law360, New York (October 29, 2010, 2:16 PM EDT) -- The auction for bankrupt pharmacy chain Chem Rx Corp. has been canceled because only one qualified bid was submitted — PharMerica Corp.'s $70.6 million stalking-horse proposal.

The Wednesday deadline passed with no other qualified bids submitted, according to a notice filed by Dennis A. Meloro of Greenberg Traurig LLP, which represents Chem RX, in the U.S. Bankruptcy Court for the District of Delaware on Thursday.

A hearing on the sale is scheduled for Nov. 2.

On Oct. 6, Judge Mary F. Walrath signed off on bidding...
To view the full article, register now.