PharmaKinetics Laboratories Inc. owes Maryland National Bank more than $8 million and the City of Baltimore $382,100 in property taxes, according to an attorney representing the company in proceedings in U.S. Bankruptcy Court in Baltimore.
The pharmaceuticals-testing and consulting company recently filed for Chapter 11 reorganization, which protects it from creditors while it works on restructuring its debt. The company has 120 days to file a reorganization plan.
The 14-year-old company, headquartered at 300 W. Fayette St., employs 125 people. In its bankruptcy petition, PharmaKinetics listed assets of $26.1 million and liabilities of $19.5 million.