Industry: Pharmaceutical; Biotech
Challenge: A highly leveraged company in the late-stage drug development space, Oscient eventually filed for Chapter 11 in 2009 in order to sell off certain formulary drugs. After a relatively short Chapter 11, a Liquidating Trust was formed to pursue avoidance actions and pay creditors.
Solution: Certain CRS professionals working at a previous firm advised the Liquidating Trustee, managed the execution of the Plan through the Trust, and prosecuted hundreds of claim objections and avoidance actions.
Results: Through years of negotiation, settlements, and litigation, the Trust returned a notable dividend to unsecured creditors.