Navigation Links
Chem Rx Files Chapter 11 to Facilitate Reorganization

LONG BEACH, N.Y., May 11 /PRNewswire-FirstCall/ -- Chem Rx Corporation (Pink Sheets: CHRX), the third largest long term care pharmacy in the United States, along with certain operating subsidiaries today announced that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.  This process will provide the most effective way for Chem Rx Corporation ("Chem Rx") to preserve the value of the company for all stakeholders, including employees, and maintain normal business operations while it works with its lenders to reach agreement on a restructuring of the company.

"Over the past 40 years, we have won our clients' loyalty by providing them with the drugs and supplies they need accurately, on time and at competitive prices," said Jerry Silva, Chem Rx CEO.  "This restructuring process will provide us with the court protection necessary to ensure that Chem Rx continues to provide these services.  We expect to reach an agreement with our lenders that will allow us to facilitate a reorganization and position us strongly for the future."

Chem Rx's management team led by Jerry Silva, CEO, and Steve Silva, president and COO, will continue to be responsible for the day-to-day operations of the company.  Chem Rx has engaged investment banker Lazard Middle Market LLC to help it facilitate a restructuring of the company.  

About Chem Rx

Founded more than 40 years ago, Chem Rx is a major institutional pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, Pennsylvania and Florida. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx annually provides over six million prescriptions to over 69,000 residents of more than 400 institutional facilities. Chem Rx's website address is

Forward Looking Statements  

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Chem Rx Corporation. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Chem Rx's management and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: compliance with government regulations; changes in legislation or regulatory environments; requirements or changes adversely affecting the health care industry, including changes in Medicare reimbursement policies; fluctuations in customer demand; management of rapid growth; intensity of competition; timing, approval and market acceptance of new product introductions and institutional pharmacy locations; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in Chem Rx Corporation's filings with the SEC. The information set forth herein should be read in light of such risks. Chem Rx Corporation does not assume any obligation to update the information contained in this press release.

SOURCE Chem Rx Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Quark Pharmaceuticals Files Patent Application Covering Novel Chemical Modifications to its RNAi Molecules
2. Lilly Files for European Approval of ALIMTA(R) (pemetrexed for injection) for First-Line Treatment of Non-Small Cell Lung Cancer
3. AngioGenex Files Patent on First Small Molecule Id-Inhibitors for the Treatment of Cancer
4. Lexicon Files Investigational New Drug Application for LX2931 as a Potential Treatment for Rheumatoid Arthritis
5. Ardea Biosciences Presents Preclinical Data Demonstrating Favorable Resistance Profiles for Non-Nucleoside Reverse Transcriptase Inhibitors for the Treatment of Human Immunodeficiency Virus
6. Further Clinical Testing of BZL101 in Advanced Breast Cancer Demonstrates Favorable Efficacy and Toxicity Profiles
7. Vermillion Files 510(k) Application With U.S. Food & Drug Administration for OVA1 Ovarian Tumor Triage Test
8. FDA Files Application To Convert ONTAK(R) (Denileukin Diftitox) to Full Approval for Use in Cutaneous T-Cell Lymphoma (CTCL)
9. Sound Pharmaceuticals Files Second IND with the FDA for the Prevention of Chemotherapy Induced Hearing Loss in Advanced Stage Cancer
10. ASX/NASDAQ Media Release: Pharmaxis Files First Marketing Application for Bronchitol in Australia
11. deCODE Files IND for DG071, a Novel PDE4 Modulator Being Developed for Alzheimers and Other Cognitive Disorders
Post Your Comments:
(Date:10/12/2015)... Elbit Imaging Ltd. ("EI" or the ... board of directors approved a program to repurchase up to ... H Notes and Series I Notes, which are traded on ... the Company will have a significant preference to the purchase ... to time in the open market on the Tel Aviv ...
(Date:10/12/2015)... ) ... "Personalized Medicine, Targeted Therapeutics and Companion Diagnostic ... Industry Trends, Technologies, Participants, and Environment" ... ) has announced the addition of ... Companion Diagnostic Market to 2019 - Strategic ...
(Date:10/12/2015)... , October 12, 2015 ... interest from pharmaceutical companies as they look to ... others appear in a new report by  visiongain ... market gains much interest from pharmaceutical companies as ... finding and many others appear in a new ...
Breaking Medicine Technology:
(Date:10/13/2015)... ... October 13, 2015 , ... Tempe Dental Care, a leading Tempe ... and IV sedation dentistry for more than 5 years. A leading cause ... serious and painful if treatment is not timely. , Sedation dentistry ...
(Date:10/13/2015)... ... 13, 2015 , ... California Southern University has named Dr. ... her Doctor of Nursing Practice from the renowned Johns Hopkins University—comes to CalSouthern ... Dr. McLeod’s long and successful nursing practice included a variety of patient care, ...
(Date:10/13/2015)... ... October 13, 2015 , ... World Patent Marketing , a vertically ... melting invention that helps people in clearing snow away from the streets and driveways. ... at 3.8% per year," says Scott Cooper, CEO and Creative Director of World Patent ...
(Date:10/13/2015)... ... 2015 , ... Local Gold’s Gym franchise owner, Bryce Berry, received the Visionary ... who owns and operates Gold's Gym Cheyenne in Cheyenne, Wyoming, received the ... United States. A brand leader in global fitness, Gold’s Gyms are located worldwide. Every ...
(Date:10/13/2015)... ... 13, 2015 , ... According to an ESPN report published on ... teammate accidentally elbowed him in the left eye during the first day of practice ... of a series of setbacks, including a knee injury that has interfered with his ...
Breaking Medicine News(10 mins):