Omnicare Inc. Files for Bankruptcy After $949 Million Judgment
CVS Unit Omnicare Files Bankruptcy After $949 Million Judgment đź”—
Omnicare Inc., a subsidiary of CVS Health Corp., has filed for bankruptcy following a $949 million judgment against it for allegedly dispensing prescription drugs improperly to long-term care patients. The company filed for Chapter 11 protection in Texas, reporting assets of at least $100 million and liabilities ranging from $1 billion to $10 billion. The judgment represents Omnicare's largest unsecured debt, although the company is contesting it.
What led to Omnicare's bankruptcy filing?
Omnicare filed for bankruptcy after being ordered to pay $949 million due to claims of improper prescription drug dispensing to long-term care patients.
What are Omnicare's reported assets and liabilities?
Omnicare reported assets of at least $100 million and liabilities between $1 billion and $10 billion in its Chapter 11 petition.
Is Omnicare contesting the judgment against it?
Yes, Omnicare is challenging the $949 million civil judgment, which is considered its largest unsecured debt.