Omnicare Files for Chapter 11 Bankruptcy in Texas

Omnicare, a subsidiary of CVS Health, initiated a voluntary court-supervised Chapter 11 process to resolve issues related to recent litigation.

• Filed for bankruptcy in the US Bankruptcy Court for the Northern District of Texas
• Entered into an agreement for $110 million in debtor-in-possession financing
• Omnicare plans to use process “to address other financial challenges facing the broader long-term care pharmacy industry and to evaluate its restructuring options”
• NOTE: CVS Unit Omnicare Taps Alvarez & Marsal for Operational Help

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To contact the reporter on this story:
Ilya Banares in Toronto at ibanares@bloomberg.net ...