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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 25, 2019, Vol. 23, No. 144
Headlines
PERNIX THERAPEUTICS: Incurs $5.28 Million Loss at March 31
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PERNIX THERAPEUTICS: Incurs $5.28 Million Loss at March 31
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Pernix Sleep Inc., et al., filed with the U.S. Securities and
Exchange Commission their initial monthly operating report.
The Debtors reported a net loss, before reorganization expenses, of
$5,283,000 at March 31, 2019.
As of March 31, 2019, the Debtors had total assets of $142,925,000,
total liabilities not subject to compromise of $80,794,000, total
liabilities subject to compromise of $312,239 and stockholders
equity of -$250,2019,000.
The Debtors had a beginning cash balance of $6,276,000 at February
18, 2019. They listed $21,617,000 in total receipts and
$31,265,000 in total disbursements for the reporting period. Thus,
an ending cash balance of $12,384,000 at March 31, 2019 was
listed.
The Initial Monthly Report also included a schedule of the Debtors'
bank account balances and a schedule of professional fees paid.
A copy of the Initial Monthly Report is available at the SEC at
https://bit.ly/2VXyCbT
About Pernix Sleep
Pernix Sleep, Inc. -- http://www.pernixtx.com/-- was a specialty
pharmaceutical company focused on identifying, developing and
commercializing prescription drugs, primarily for the United States
market, currently focused on the therapeutic areas of pain and
neurology. Primarily, Pernix sells three core branded products:
Zohydro ER with BeadTek, Silenor, and Treximet. Pernix is
headquartered in Morristown, New Jersey.
Pernix Sleep, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10323) on Feb. 18, 2019. As of Sept. 30, 2018, Pernix had
assets of $274,770,000 and liabilities of $447,052,000.
The cases are assigned to Judge Christopher S. Sontch.
The Debtors tapped Davis Polk & Wardell LLP as their bankruptcy
counsel; Landis Rath & Cobb LLP as Delaware bankruptcy counsel;
Guggenheim Securities, LLC as investment banker; Ernst & Young LLP
as financial advisor; and Prime Clerk LLC as claims and noticing
agent.
The U.S. Trustee for Region 3 on March 1, 2019, appointed five
creditors to serve on an official committee of unsecured creditors.
The committee tapped Akin Gump Strauss Hauer & Feld LLP as counsel
and Potter Anderson & Corroon LLP as co-counsel.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2019. All rights reserved. ISSN: 1520-9474.
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