Accentia Seeks Ch. 11 Shelter, Blames Credit Crunch

Law360, New York (November 11, 2008, 12:00 AM EST) -- Citing a funding squeeze caused by the current global financial crisis, Accentia Biopharmaceuticals Inc. and several of its subsidiaries have filed petitions for Chapter 11 protection.

Accentia filed for bankruptcy Monday in the U.S. Bankruptcy Court for the Middle District of Florida, just a week after announcing it would not appeal NASDAQ's decision to delist it for failing to maintain the stock exchange's requisite $35 million minimum market value.

The Tampa, Fla.-based company said that, under its plan of reorganization, it intended to significantly decrease operating...
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