Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company (“Akorn” or the “Company”), announced Wednesday that the Company and its U.S. subsidiaries filed for voluntary protection under Chapter 11 (“Chapter 11”) of the U.S. Bankruptcy Code in United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership. In connection with the filing, the Company has executed a Restructuring Support Agreement with lenders representing more than 75% of its secured debt, who will collectively serve as a “stalking horse” bidder in the Company’s sale process and provide additional liquidity to fund the Company’s business operations during this process.
Read the full article: Akorn to Use Voluntary Chapter 11 Process to Position Business for Long-Term Success //
Source: http://investors.akorn.com/news-releases/news-release-details/akorn-use-voluntary-chapter-11-process-position-business-long