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[$$] Generic Drug Company Aceto Files for Bankruptcy

Corp. has filed for bankruptcy, saying it faces tens of millions of dollars in customer penalties for supply-chain problems, and plans to sell its chemicals business to New Mountain Capital for $338 million. The Port Washington, N.Y.-based company outlined numerous problems leading up to its chapter 11 bankruptcy on Tuesday, including falling revenue and profit, class-action securities litigation, loan-covenant violations, and the termination of government contracts over trade issues. The publicly traded company’s sales were $711.4 million last year, according to a filing in U.S. Bankruptcy Court in Newark, N.J.