Insys Therapeutics bankruptcy news for Wednesday
has INSY stock heading higher.
Source: Insys Therapeutics
notes that it now has approval from the U.S. Bankruptcy Court for
the District of Delaware for its First Day motions. It received
this approval on Tuesday, but only just announced the news
This approval will allow the company to move
forward with its Insys Therapeutics bankruptcy plans. This marks a
move in the right direction for the company as it looks to use the
bankruptcy protection to cover its legacy legal liabilities.
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With the First Day motions approval, Insys
Therapeutics will be able to continue operations throughout the
bankruptcy process. This includes it continuing to pay employees
for their work. It will also let the company keep paying its
âThis is an important step forward in our
court-supervised process, which is intended to fairly and
transparently address the Companyâs legacy legal
liabilities,â Andrew Long, CEO of Insys Therapeutics, said in
a statement. âI would like to thank our team for
their continued hard work and dedication as we move forward with
our asset sale process.â
The Insys Therapeutics bankruptcy wonât just have
the company selling off some of its assets to cover its legal
costs. Instead, it will be selling âsubstantially allâ of
its assets during the process.
INSY stock was up 189% as of noon Wednesday, but
is down 96% since the start of the year.
As of this writing, William White did not
hold a position in any of the aforementioned securities.
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Bankruptcy: INSY Stock Soars on Latest News appeared first on