Good News for Struggling Wilmington Company

JANUARY 23, 2006 -- There's good news for a major Wilmington business that's been struggling. AaiPharma will emerge from bankruptcy as soon as next month.

The company says it has won court-approval for its reorganization plan. Part of that plan is to make aaiPharma a privately held company focusing on contract drug research.

The company filed for bankruptcy last May. In July, it abandoned hopes of becoming a major drug manufacturer, selling off its pharmaceutical division for more than $200-million.