Overview

• Omnicare and affiliates sought protection in the U.S. Bankruptcy Court for the Northern District of Texas, listing up to $500 million in assets and $1 billion to $10 billion in liabilities.
• The $949 million civil judgment is identified as the company’s largest unsecured debt, which Omnicare says it is challenging.
• Debtor‑in‑possession financing of $110 million, subject to court approval, is expected to fund operations and support payment of wages, benefits, and post‑petition vendor obligations.
• The Chapter 11 process is expected to pause government collection efforts while the company evaluates a standalone restructuring or a possible sale.
• The case stems from a 2015 whistleblower suit that led to a federal ruling this summer and a denial in August of Omnicare and CVS’s bid to overturn the verdict.