Generic Drugmaker Akorn to Liquidate After Axing All Employees

Akorn Operating Company LLC, the generic drugmaker that went bankrupt in 2020 after a $4.3 billion takeover offer fell apart, has ceased operations and terminated all of its employees.

The company filed for Chapter 7 bankruptcy in Delaware on Thursday, court papers show. The filing removes existing management from control of the company and paves the way for a trustee to sell off Akorn’s assets. It listed assets of as much as $1 billion and liabilities of as much as $500 million in its bankruptcy petition.

It’s Akorn’s second trip to bankruptcy court in about three years. The ...