New England Compounding Center Files for Bankruptcy Protection
The Framingham pharmacy linked to the national meningitis outbreak filed for Chapter 11 today, Dec. 21 in U.S. Bankruptcy Court in Massachusetts.
New England Compounding Center, the Framingham speciality pharamcy linked to the deadly, national meningitis outbreak, said today it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The filing seeks to establish a fund to compensate individuals and families affected by a nationwide meningitis outbreak. In papers filed with the U.S. Bankruptcy Court of Massachusetts, the Waverly Street company said its goal is to provide a greater, quicker, fairer payout to its creditors than they could achieve through piecemeal litigation. The company also announced the appointment of Keith D. Lowey as and independent director of NECC and as the company's chief restrucsturing officer. Lowey will be responsible for NECC's effort to …
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Cheryl Tully Stoll
7:23 pm on Friday, December 21, 2012
They shouldn't be protected from anything! Put them in receivership and let the receiver oversee the spending of every nickel to reimburse as many creditors as possible. The owners should not be allowed to take any salaries or stipends from the enterprise from this point forward. more ›