Dive Brief:CVS pharmacy services subsidiary Omnicare has filed for Chapter 11 bankruptcy after being hit with a $949 million federal judgment over improper billing of government healthcare programs. Omnicare claimed up to $500 million in assets and between $1 billion and $10 billion in debts in its bankruptcy petition with a Texas court on Monday. The decision, which CVS said it planned to appeal, sent Omnicare reeling — the business reportedly hired a consulting firm to help bolster operations, according to Bloomberg. The bankruptcy will help Omnicare reorganize its finances, which could include a potential sale, the company said in press release Monday. Omnicare intends to continue providing services to its customers and said that the bankruptcy should not affect regular operations, including wages to employees.