${site.data.firmName}${SEMFirmNameAlt}
Call Us: 918-236-8385 or Toll Free: 866-647-1770
Local 918-236-8385
Toll Free: 866-647-1770
Menu
When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Pharmaceutical company requests Chapter 7 bankruptcy

Each business in Oklahoma likely has its own mission. Regardless of the mission, however, all likely want to achieve some degree of success and, as a result, work hard to meet business-related goals. Unfortunately, some companies, even those with the most noble of intentions, struggle financially and seek debt relief by filing for Chapter 7 bankruptcy.

One out-of-state company, Rock Creek Pharmaceuticals Inc., has recently taken such action. Additionally, two of its subsidiaries, RCP Development Inc. and Star Tobacco Inc. has sought bankruptcy protection. The company is dedicated to researching how an alkaloid in certain plants, such as potatoes, tobacco and tomatoes, can be used to treat Alzheimer's and in the creation of anti-inflammatory drugs.

Filings indicate that Rock Creek has just over $35,000 in assets and liabilities of over $21 million. RCP has assets of approximately $30,000 and liabilities of approximately $50 million while Star Tobacco has assets of over $480,000 and liabilities of $12.25 million. While the alkaloid cannot be patented, Rock Creek does hold a patent for its derivative of the alkaloid and has several patents pending for product usage.

Even companies headed by those with brilliant business minds can find themselves struggling due to situations beyond their control. Despite their best efforts for success, many become unable to meet the financial obligations. For those companies, a Chapter 7 bankruptcy filing may be an appropriate option in the search for debt relief. An attorney with experience with such filings can help such companies in Oklahoma understand their options and choose the best one for their situation.

Source: heraldtribune.com, "Rock Creek files for Chapter 7 bankruptcy", Sept. 28, 2016

No Comments

Leave a comment
Comment Information

Initial Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy