Akorn Successfully Completes Sale to Lenders and Exits Chapter 11 Protection
Company positioned to enter its next phase of growth with new ownership and a more sustainable capital structure
As of October 1, 2020, Akorn completed its sale to certain of the Company’s term loan lenders, which was approved by the United States Bankruptcy Court for the District of Delaware on September 2, 2020. This milestone marks the culmination of Akorn’s Chapter 11 cases, with the Company well-positioned to continue to fulfill its mission to improve patients’ lives through the quality, availability and affordability of its products.
In tandem with the completion of the sale, Akorn has secured a revolving line of credit for go-forward financing to provide operating flexibility as the Company looks to enter a new phase of growth.
Following the official completion of the transaction, Akorn is now operating as a private entity under the legal name Akorn Operating Company LLC.
Upon completion of Akorn’s Chapter 11 process and the effective date of the Company’s Chapter 11 plan, equity interests have been canceled. There was no recovery for holders of Akorn’s common stock, and over-the-counter trading of AKRXQ has stopped as of October 1, 2020, the effective date of the Chapter 11 plan. For additional details, please reference the Bankruptcy Court order confirming Akorn’s Chapter 11 plan, available at www.kccllc.net/akorn.
For more information about Akorn, please visit the Company’s website at https://www.akorn.com/.