Lannett Company, Inc., along with its three affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on May 2, 2023. The debtor listed its assets in the range of $100 million to $500 million and liabilities in the range of $500 million to $1 billion. The debtor is represented by Howard A. Cohen of Fox Rothschild LLP, Kirkland & Ellis LLP and Kirkland & Ellis International LLP as its legal counsels.

The debtor also hired FTI Consulting, Inc. as its financial advisor, Guggenheim Securities, Inc. as its investment banker and Omni Agent Solutions as its noticing and claims agent.