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Akorn files for Chapter 11

  • Akorn (NASDAQ:AKRX) drops 25% premarket in reaction to its filing for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code to execute an in‑court sale of its business while addressing litigation-related overhangs.
  • 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 serve as a "stalking horse" bidder in the sale process and provide additional liquidity to fund business operations during this process.
  • Akorn has also received commitments from certain of its lenders for $30M in debtor-in-possession financing.
  • The Chapter 11 cases include Akorn and each of its U.S. subsidiaries. Entities in India and Switzerland are not included.
  • Sale process is expected to be completed in Q3.
  • Updated press release

This was corrected on 06/17/2020 at 3:45 PM. the lender support percentage reported in the article has been updated to 75%

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