America

November 08, 2017

Pharmaceutical company files for Chapter 11 reorganization


Pharmaceutical company

Citing financial stress, Cantrell Drug Co.—a central Arkansas-based pharmaceutical company—filed for Chapter 11 reorganization under the U.S. Bankruptcy Code. According to Cantrell’s CEO James McCarley, the company needs some "time to get back on [its] feet."

Notably, Cantrell —which is a family business founded in 1952 and which provides sterile injectable pharmaceuticals primarily used in hospitals—has no intentions to liquidate.

According to McCarley, the company's financial stress was attributed to two Food and Drug Administration inspections in the last year that caused product manufacturing and shipping to be temporarily suspended.

In this regard, McCarley said, "Our deficiencies were regulatory in nature and not in response to any product problem of patient illness."

Related Post

latest News

  • Banks To Ensure Customers' Lockers Remain Safe: RBI

    On August 8, the government informed Parliament that the RBI has asked banks to ensure customers' lockers remain safe and there is "no negligence" tha...

    Read More
  • Lawyers are prone to mental health issues due to work stress: SC judge

    Expressing concern over the increase in the number of suicides in India’s premier legal institutions, Supreme Court judge Justice DY Chandrachud sai...

    Read More
  • Minor rape survivor allowed aborting her pregnancy: SC

    A 13-year-old alleged rape survivor was allowed by the Supreme Court to terminate her 32-week-old pregnancy post taking note of a medical report.

    Read More