WILMINGTON,AAIPharma (Pink sheets: AAIIQ.PK), which declared Chapter 11 bankruptcy in May, has filed a reorganization plan with a federal bankruptcy court in Delaware.
“AAIPharma is making important strides in re-positioning the company as an innovative and premier provider of development services to customers seeking increased R&D productivity and tailored solutions to their development challenges,” said Ludo Reynders, the company’s chief executive officer, in a statement.
“We believe that we have made the difficult but necessary decisions to create a stronger capital structure to help ensure that AAIPharma will have the financial strength and flexibility to grow and prosper,” he added. “The filing of our chapter 11 plan is a significant milestone in our bankruptcy case, and we are extremely pleased with the level of support from our key creditor constituencies for our chapter 11 plan.”
AAIPharma has already sold off its pharmaceutical division.
Specifics of the reorganization plan were not disclosed.