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New England Compounding Center files for bankruptcy

8:01 PM, Dec 21, 2012   |    comments
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BOSTON (AP) - A Massachusetts pharmacy connected to a deadly meningitis outbreak has filed for bankruptcy protection.

The Chapter 11 filing Friday by the New England Compounding Center in U.S. Bankruptcy Court seeks to establish a fund to compensate those affected by the nationwide outbreak.

Contaminated injections from the company have been blamed for 39 deaths and 620 illnesses nationwide. The company says in the filing it hopes to achieve a quicker and fairer payout to creditors than it could through piecemeal litigation.

The Framingham-based company also announced it has appointed accountant Keith D. Lowey as independent director and chief restructuring officer.

Lowey says in a statement it's "difficult to comprehend the sense of loss so many people have experienced." He says the company recognizes the need to fairly compensate those affected.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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