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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.