CVS Health Subsidiary Omnicare Initiates Voluntary Chapter 11 Process

Omnicare, LLC, a subsidiary of CVS Health (CVS), announced it has initiated a voluntary court-supervised Chapter 11 process to resolve issues related to its recent litigation in the U.S. District Court for the Southern District of New York. The Company also intends to use this process to address other financial challenges facing the broader long-term care pharmacy industry and to evaluate its restructuring options, including the implementation of a standalone restructuring or sale strategy, the announcement stated.

Omnicare remains fully focused on meeting the pharmacy needs of its customers and long-term care residents, according to the . . .