Company Shkreli Wanted to Turn Around Files for Chapter 11

KaloBios Pharmaceuticals is still appealing its Nasdaq delisting
By Jenn Gidman,  Newser Staff
Posted Dec 30, 2015 8:22 AM CST
Company Shkreli Wanted to Turn Around Files for Chapter 11
Martin Shkreli is belted into an awaiting car after being taken into custody following a securities probe on Dec. 17, 2015, in New York.   (AP Photo/Craig Ruttle)

Earlier this month, Martin Shkreli's company dumped him as CEO after he was arrested for securities fraud. But the damage to KaloBios Pharmaceuticals has been done, and Tuesday the company filed for Chapter 11 bankruptcy protection in Delaware, Reuters reports. The filing lists assets of more than $8 million and a debt of around $1.9 million, with between 100 and 199 creditors, CNN notes.

The company had already been informed by Nasdaq that it was going to be delisted because of its Shkreli-related woes, per the AP; the Wall Street Journal notes KaloBios' appeal hearing regarding that delisting will be held Feb. 25. (At least Shkreli wrested control of his Twitter account back from hackers.)

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