Azzur Creditors Oppose Bankrupt Drug Advisory Firm’s Asset Sales

Creditors of bankrupt drug development solutions company Azzur Group Holdings LLC opposed two business unit asset sales, saying nothing would remain for their potential recoveries.

Azzur’s quick sale timeline would provide lenders and insiders “gratuitous releases, while general unsecured creditors are strung along and ultimately left out in the cold at the end of this process,” a committee representing unsecured creditors said in a Monday objection in the US Bankruptcy for the District of Delaware.

The committee said it wouldn’t oppose a “fair and value-maximizing sale” of the company’s consulting and cleanrooms-on-demand business units but that Azzur’s goal appears to ...