September 26, 2019 / 2:00 PM / a month ago

IN BRIEF: MDL claimants urge Chapter 7 trustee for opioid maker Insys

Claimants in multidistrict litigation against Insys Therapeutics Inc on Wednesday said they want the opioid maker’s bankruptcy converted to a Chapter 7 liquidation, saying there is no way for a Chapter 11 plan to be approved and letting a trustee wind down the company would save time and money.

The claimants in a filing on Wednesday in U.S. Bankruptcy Court in Delaware said Insys, which has sold all of its assets, and its stakeholders do not appear anywhere near a deal on a Chapter 11 liquidation plan so the job of resolving claims and making distributions should be given to a neutral Chapter 7 trustee.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2lqbQs8

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