Acorda Therapeutics, Inc. has initiated voluntary Chapter 11 proceedings and is working to sell its assets for $185 million to Merz Pharmaceuticals, LLC, subject to higher bids and court approval. Concurrently, the company has secured debtor-in-possession financing to maintain operations, with terms including a $60 million credit facility. These strategic moves aim to stabilize the company's operations while they navigate through bankruptcy and restructuring efforts.