US EditionCVS Health subsidiary Omnicare files for Ch. 11 bankruptcy protection
Omnicare seeks bankruptcy protection to manage a $949 million federal judgment and broader financial issues while maintaining uninterrupted pharmacy services to long-term care facilities.
- Omnicare, a CVS Health company, initiated a voluntary Chapter 11 reorganization filing on Monday in the federal bankruptcy court located in the northern region of Texas.
- The filing followed a federal court ordering Omnicare to pay $949 million for fraudulent billing related to prescription drugs dispensed between 2010 and 2018.
- Omnicare announced it will maintain its provision of medication and related support to senior care institutions and anticipates fulfilling vendor payments as usual throughout the court-monitored restructuring.
- The company entered into a $110 million debtor-in-possession financing agreement, which, combined with cash flow, should provide sufficient liquidity through the bankruptcy.
- Omnicare is using bankruptcy to address financial challenges in the long-term care pharmacy industry and is evaluating restructuring options, including a potential sale.
23 Articles
23 Articles
CVS's Omnicare files for bankruptcy; employees worry cuts could disrupt Las Vegas care
LAS VEGAS (KLAS) -- CVS-owned Omnicare filed for Chapter 11 bankruptcy on Monday and laid off more than 15% of its pharmacy staff. Anonymous employees told 8 News Now the cuts could disrupt care in the Las Vegas area, as the most vulnerable, such as nursing‑home and hospital patients, may soon see delays in receiving medications. “Typically, when we have a patient that is in need of urgent medication, we'd get that to them in four hours. It will…
Associated Press News
CVS Health subsidiary Omnicare files for Ch. 11 bankruptcy protection
CVS Health subsidiary Omnicare has filed for Chapter 11 bankruptcy protection two months after the long-term care business was ordered to pay $949 million when a federal court found it liable for filing fraudulent claims for some prescription drugs.
CVS Health Subsidiary Omnicare Files for Ch. 11 Bankruptcy Protection
CVS Health subsidiary Omnicare has filed for Chapter 11 bankruptcy protection two months after the long-term care business was ordered to pay $949 million when a federal court found it liable for filing fraudulent claims for some prescription drugs.
CVS Health Subsidiary Omnicare Files for Bankruptcy After Civil Lawsuit Judgment
Omnicare, a CVS Health subsidiary that provides pharmacy services to skilled nursing facilities, independent and assisted living communities and other segments of the long-term care market, filed for bankruptcy Monday (Sept. 22). The company said in a press release that it attributed the…
CVS Unit Omnicare Files Bankruptcy After $949 Million Judgment
CVS Health Corp. subsidiary Omnicare Inc. has filed for bankruptcy after the pharmacy-services provider was ordered to pay $949 million over claims it improperly dispensed prescription drugs to individuals in long-term care.
CVS unit Omnicare files for bankruptcy to resolve litigation
(Reuters) -Omnicare, a subsidiary of health insurer CVS Health, said on Monday it has filed for bankruptcy to resolve issues related to its recent litigation in the U.S. District Court for the Southern District of New York. (Reporting by Christy Santhosh in Bengaluru; Editing by Shailesh Kuber)
Coverage Details
Bias Distribution
- 72% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
