Chem RX Corp.(fka CHRXQ)

[Yukii]

Chem Rx Lost Exclusive Plan-Filing Right to Committee

Chem Rx Corp., which had been the third-largest provider of institutional pharmacy services in the U.S., lost the exclusive right to propose a liquidating Chapter 11 plan.

Last week the bankruptcy court in Delaware gave the creditors’ committee and the first-lien lenders the right to file a plan jointly. Except for the committee and the lenders, Chem Rx’s exclusive right to propose a plan was extended to Jan. 31.

The business was sold to PharMerica Corp., the operator of 90 institutional pharmacies in 41 states. It paid $70.6 million plus the assumption of specified liabilities. PharMerica was the so-called stalking horse at auction.

Chem Rx, which changed its name to CRC Parent Corp. following the sale, filed under Chapter 11 in May after first- lien lenders owed $103 million were seizing the Long Beach, New York-based company’s income. The first-lien debt had been in default since early 2009.

Other liabilities include $37 million owing on a second- lien and $8.3 million in subordinated debt owing to affiliates of insiders. CIBC World Markets Corp. is agent for the lenders on the first- and second-lien loans. The petition listed assets of $170 million against debt totaling $178 million.

The case is In re CRC Parent Corp., 10-11567, U.S. Bankruptcy Court, District of Delaware (Wilmington).


http://www.bloomberg.com/news/2010-11-29/lehman-trico-mesa-air-chem-rx-old-gm-workflow-bankruptcy.html