Wilmington Company Filing for Bankruptcy

MAY 10, 2005 -- One of Wilmington's largest employers is declaring bankruptcy, but it shouldn't result in large job losses.

Pharmaceutical company aaiPharma is finally doing what's been rumored for months. The company is filing for chapter 11 bankruptcy protection.

The company is headquartered near the airport.  Company officials say it will continue to operate while it restructures.

The company is selling two of its most popular drugs, Darvon and Darvocet, to raise money. The company is going to concentrate on its original focus of developing new drugs.