Pernix Sleep, Inc., along with twelve affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10323). Pernix, headquartered in Morristown, New Jersey, is a specialty pharmaceutical company which sells three core branded products through wholesalers to drug stores and pharmacies nationwide. According to the First Day Declaration, Pernix has filed as a result of several adverse litigation outcomes, and in order to right-size its capital structure. Pernix announced in a press release earlier today that it enters chapter 11 intending to sell substantially all of its assets, with affiliates of Highbridge Capital Management serving as the stalking horse bidder. A bid procedures motion has not yet been filed. Prime Clerk is the proposed claims and noticing agent. The cases have been assigned to the Honorable Chief Judge Christopher S. Sontchi.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.