Post by jdsippin on Oct 29, 2007 12:00:36 GMT -5
www.miamiherald.com/news/breaking_news/story/288378.html
Pharmed files for bankruptcy
Posted on Mon, Oct. 29, 2007Digg del.icio.us AIM reprint print email
BY JOHN DORSCHNER
jdorschner@MiamiHerald.com
Pharmed, once one of the largest Hispanic-owned businesses in the United States, has filed for Chapter 11 bankruptcy protection in federal court in Miami.
The company, created by Carlos and Jorge de Céspedes, has struggled financially for the past two years in its main business, hospital supply distribution, since losing its main supplier, Johnson & Johnson.
Last week, the company acknowledged that its annual revenue, which had once risen to almost $600 million, was a little above $100 million.
The company filed for Chapter 11 late Friday. Included in the petition are Pharmed Group Holdings, Pharmed International, Pharmed Group, Pharmed Services and PAL Laboratories, a Doral drug manufacturer that the de Céspedes brothers own.
The brothers were listed as owning 81 percent of the companies. Who owns the remaining 19 percent was not revealed in court documents.
A hearing is scheduled for 1:30 p.m. Tuesday in the Claude Pepper Federal Building in downtown Miami.
Pharmed files for bankruptcy
Posted on Mon, Oct. 29, 2007Digg del.icio.us AIM reprint print email
BY JOHN DORSCHNER
jdorschner@MiamiHerald.com
Pharmed, once one of the largest Hispanic-owned businesses in the United States, has filed for Chapter 11 bankruptcy protection in federal court in Miami.
The company, created by Carlos and Jorge de Céspedes, has struggled financially for the past two years in its main business, hospital supply distribution, since losing its main supplier, Johnson & Johnson.
Last week, the company acknowledged that its annual revenue, which had once risen to almost $600 million, was a little above $100 million.
The company filed for Chapter 11 late Friday. Included in the petition are Pharmed Group Holdings, Pharmed International, Pharmed Group, Pharmed Services and PAL Laboratories, a Doral drug manufacturer that the de Céspedes brothers own.
The brothers were listed as owning 81 percent of the companies. Who owns the remaining 19 percent was not revealed in court documents.
A hearing is scheduled for 1:30 p.m. Tuesday in the Claude Pepper Federal Building in downtown Miami.
...I don't have a clue....