Omnicare Approved to Move Forward With Bankruptcy Sale Process

Omnicare LLC gained court approval of its asset bidding procedures after a bankruptcy judge overruled an objection from the International Association of Machinists and Aerospace Workers over employee rights.

Judge Stacey G. Jernigan signed off on the sale process during a Wednesday hearing in the US Bankruptcy Court for the Northern District of Texas after the CVS Health Corp. subsidiary agreed that bidders would provide notice about employees they intend to hire.

The deadline for a lead, stalking horse agreement is Jan. 31. An auction would occur in March and a sale hearing in mid-April, according to Omnicare attorney Derek ...