World News: 13:00 GMT Wednesday 12th June 2019. [INSYS Therapeutics, Inc. via Globe Newswire via SPi World News]
PHOENIX, June 12, 2019 (GLOBE NEWSWIRE) -- INSYS Therapeutics, Inc. (NASDAQ: INSY) (“INSYS” or the “Company”), a specialty pharmaceutical development and distribution company, announced that on June 11, 2019 INSYS received interim approvals from the U.S. Bankruptcy Court for the District of Delaware for its First Day motions related to the Chapter 11 petitions filed on June 10, 2019.
Andrew G. Long, Chief Executive Officer of INSYS Therapeutics, Inc., said, “This is an important step forward in our court-supervised process, which is intended to fairly and transparently address the Company’s legacy legal liabilities. I would like to thank our team for their continued hard work and dedication as we move forward with our asset sale process.”
The Court granted INSYS interim approval to continue its existing cash management system to collect and disburse cash generated by the business. In addition, INSYS received Court approval to, among other things, continue payment of employee wages and benefits and to continue programs offered to customers. The Company also received approval to continue to pay vendors and other providers essential to the Company’s operations in full for goods and services provided after the Chapter 11 filing.
Court documents and additional information can be found at a website administered by INSYS’ claims agent, Epiq, at https://dm.epiq11.com/Insys or by calling the Company’s Restructuring Hotline, toll-free in the U.S., at (855) 424-7683. For calls originating outside of the U.S., please dial +1 (503) 520-4461.
Weil, Gotshal & Manges LLP is serving as legal counsel to INSYS, Lazard Frères & Co. LLC is serving as investment banker, and FTI Consulting, Inc. is serving as financial advisor.
INSYS Therapeutics is a specialty pharmaceutical company using proprietary technology and capabilities to develop and commercialize innovative pharmaceutical products intended to address unmet medical needs and the clinical shortcomings of existing commercial products.
Michael Freitag / Matthew Gross / Andrew SquireJoele Frank, Wilkinson Brimmer Katcher212-355-4449
Globe Newswire: 13:00 GMT Wednesday 12th June 2019
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