Repeat Bankruptcies Are Piling Up at Fastest Rate Since 2009 (1)

In October 2020, Akorn Operating Company LLC announced its emergence from Chapter 11 bankruptcy as the beginning of “an exciting new chapter.”

Less than three years later, the generic US drugmaker ran out of money and laid everyone off. Akorn is back in bankruptcy court — this time to be sold for parts.

It’s one of 12 firms this year to seek bankruptcy protection for a second or even third time after initial attempts at court-supervised rehabilitation failed. So-called Chapter 22 filings — industry slang for repeat bankruptcies — are piling up at the fastest rate since the Great ...