Acorda Therapeutics, Inc., a publicly traded biopharmaceutical company focused on neurological disorders, filed for Chapter 11 protection in the Southern District of New York on April 1, 2024 (Case No. 24-22284) before Judge David S. Jones. The filing followed years of revenue erosion after the 2018 Federal Circuit ruling upheld invalidation of key AMPYRA patents, which had represented ~95% of the company's revenue base. By FY2023, total net revenues had declined to $117.6 million with a net loss of $252.9 million and an accumulated deficit of $1.2 billion. The Debtors entered Chapter 11 with a stalking-horse agreement for a $185 million 363 sale of substantially all assets to Merz Pharmaceuticals, LLC, supported by an RSA with holders of 90%+ of the $207 million in 6.00% convertible senior secured notes due December 2024. A $60 million DIP facility ($20M new money plus $40M roll-up at 10.5% PIK) funded the case through confirmation. The sale order was entered June 12, 2024, and Merz closed the acquisition in July 2024. The court confirmed a Joint Chapter 11 Plan of Liquidation on August 7, 2024, establishing a liquidation trust administered by Alex Zyngier of Batuta Capital Advisors. Projected recoveries per the disclosure statement were 56-63% for prepetition notes secured claims ($171.1M allowed) and 1-2% for general unsecured claims ($6.7-11.4M allowed).