The Final Chapter: Acorda Therapeutics' Liquidation Proceeds

Acorda Therapeutics' bankruptcy wind-down concludes. A court-appointed trustee is finalizing claims, with no distributions expected for former shareholders.

The corporate dissolution of Acorda Therapeutics is now in its concluding stages. The company, which filed for Chapter 11 bankruptcy protection in 2024, has ceased independent operations. Its remaining corporate shell is focused solely on distributing any leftover assets, painting a definitive and sobering picture for former equity holders.

Asset Sale and Corporate Wind-Down

Acorda’s standalone journey concluded in mid-2024 following the acquisition of its core assets by Merz Therapeutics. The transaction, valued at approximately $185 million, included key neurology products Inbrija and Ampyra. With the sale complete, a court-appointed trustee, Alexandre Zyngier, is now managing the wind-down of the residual corporate entity. The trustee’s mandate is to resolve final claims and formally dissolve the company.

Legal Proceedings Dictate the Timeline

A significant aspect of the current process involves pursuing "avoidance actions." In these proceedings, the trustee seeks to recover payments made by Acorda in the period immediately preceding its bankruptcy filing. This is a standard mechanism in liquidation, aimed at ensuring a more equitable distribution to creditors.

A key procedural milestone was reached on March 18, 2026. During a consolidated hearing, the presiding judge signed an order establishing precise protocols for handling these legal actions. The pace at which these claims are resolved will directly determine the schedule for any final distributions to eligible parties.

Outcome for Stakeholders

Proceeds recovered from these actions will be allocated first to secured and general unsecured creditors. As outlined in the court-approved liquidation plan, the expectation remains that all common stock will be canceled. Based on the current standing, former shareholders are not projected to receive any distributions from the bankruptcy estate.

While the original Acorda Therapeutics entity is disappearing from the market, the legacy of its products continues. The integration of Inbrija and Ampyra into Merz Therapeutics' portfolio ensures these medications remain available for patients.