Generic Drugmaker Lannett Files for Chapter 11 Bankruptcy
- Liabilities of up to $1 billion, assets of up to $500 million
- Company says it can operate normally, has enough liquidity
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Generic drugmaker Lannett Company Inc filed for bankruptcy after saying it reached a tentative deal to hand control of the business to lenders and cut debt.
The Trevose, Pennsylvania-based firm listed an estimated $100 million to $500 million worth of assets and estimated liabilities in the $500 million to $1 billion range, according to a filing submitted in Delaware. Lannett said it expected to operate normally while undergoing the Chapter 11 process, and it had enough liquidity to operate.