Repeat Bankruptcies Are Piling Up at Fastest Rate Since 2009
- Billions in debt is restructured again, proving first failed
- US courts saw at least 11 so-called Chapter 22s through April
A David's Bridal store in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
In October 2020, Akorn Operating Company LLC announced its emergence from Chapter 11 bankruptcy as the beginning of “an exciting new chapter.”
Less than three years later, the generic US drugmaker ran out of money and laid everyone off. Akorn is back in bankruptcy court — this time to be sold for parts.