The Acorda Therapeutics chapter 11 cases have moved into estate-administration mode, with the Modified First Amended Joint Chapter 11 Plan of Liquidation confirmed on August 7, 2024 and made effective August 21, 2024, leaving Liquidation Trustee Alexandre Zyngier to reconcile claims and pursue avoidance and other estate causes of action before Judge David S. Jones in the Southern District of New York. Six debtor entities — led by Acorda Therapeutics, Inc. and including Neuronex, Civitas Therapeutics, the Biotie entities, and Acorda Therapeutics Limited — commenced the cases on April 1, 2024 under a pre-negotiated Restructuring Support Agreement with an ad hoc group holding over 90% of the company's 6.00% Convertible Senior Secured Notes due December 2024 (Chapter 11 Voluntary PetitionDkt. 1). The filing was the endpoint of a multiyear revenue collapse: after the 2018 Federal Circuit decision upholding invalidation of key AMPYRA patents, AMPYRA revenue fell from roughly $492.8 million in 2017 to $63.9 million in 2023, INBRIJA never approached its projected sales potential, the company carried an accumulated deficit of approximately $1.2 billion against roughly $34 million of cash by September 2023, and the $207 million secured note maturity loomed in December 2024 (First Day DeclarationDkt. 7).

To bridge the sale process, the Debtors secured a $60 million DIP and cash-collateral package — $20 million of new money plus a $40 million roll-up of prepetition secured debt — provided by the noteholder group and carried to a final order in May 2024 (DIP and Cash Collateral MotionDkt. 14). The restructuring turned on a Section 363 sale of substantially all operating assets to Merz Pharmaceuticals, LLC for $185 million, authorized by a sale order signed June 12, 2024, with net proceeds applied first to DIP obligations and then to the prepetition secured notes (Sale OrderDkt. 303). With the business divested, the Debtors converted the residue of the estate into a liquidating plan; the Modified First Amended Joint Chapter 11 Plan of Liquidation — a nine-class liquidation plan funding distributions from sale proceeds, cash reserves, and transferred causes of action — was confirmed on August 7, 2024 and became effective on August 21, 2024 (Modified First Amended PlanDkt. 417).

The Trustee is now running an active claims-reconciliation and litigation docket. As of mid-2026 he is reconciling more than 135 filed proofs of claim against roughly 300 scheduled claims, pursuing over 40 preference actions commenced on March 23, 2026, and monitoring the pending Alkermes Litigation; on June 12, 2026 he filed his Fourth Motion to Extend the claims-objection deadline from June 30, 2026 to December 31, 2026, citing claims volume and outstanding litigation as the basis for additional time (Fourth Motion to Extend Claims Objection DeadlineDkt. 665). A status conference together with a slate of adversary proceeding pretrial conferences — 24 moving forward, 16 held in mediation, and 8 dismissed or closed — was noticed for hearing on June 18, 2026 (Notice of AgendaDkt. 668).