CVS’ Omnicare division files for bankruptcy

Group 1 - Omnicare has been ordered to pay $948.8 million in penalties and damages for illegally charging the U.S. government for prescription drugs [3] - The company plans to appeal the federal judge's decision and has hired a consulting firm to improve operations [3] - Omnicare has filed for Chapter 11 bankruptcy, which is expected to pause the government's collection efforts for the $949 million payment [4][7] Group 2 - In its bankruptcy petition, Omnicare reported assets of up to $500 million and debts between $1 billion and $10 billion [7] - The company has secured $110 million in debtor-in-possession financing to continue operations during the bankruptcy process [7] - Omnicare aims to address financial challenges in the long-term care pharmacy industry and evaluate restructuring options, including a potential sale [5]