Akorn Provides Update on Sale Process

Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, announced that it no longer has any bids in the Sale Process that are sufficient to pay all obligations under its term loan agreement. Accordingly, the Company now toggles to the alternative milestones that were detailed in the Second Amended Standstill Agreement and are summarized in its 8-K filed last week. Doug Boothe, Akorn’s President and Chief Executive Officer, commented, “Unfortunately, our sale process has been negatively impacted by the broader market uncertainties related to the COVID-19 crisis. However, we are working closely with our lenders to determine the best path forward to ensure that the Company is positioned for long-term success.”

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Source: https://www.prnewswire.com/news-releases/akorn-provides-update-on-sale-process-301033255.html

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