Akorn Inc. is Looking for a Sell out

▴ Akorn Inc.
Akorn Announces New Extension of Standstill with Lenders and Agrees to Pursue a Sale of its Business

Akorn, Inc. a leading specialty pharmaceutical company, today announced it has reached an agreement with certain of its lenders to extend the standstill period. The agreement defines a path forward and outlines milestones to execute a sale of Akorn's business, potentially using Chapter 11 protection in order to address Akorn's litigation-related overhangs and execute a transaction that maximizes value.

Doug Boothe, Akorn's President and Chief Executive Officer, commented, "Akorn is a fundamentally strong business with exciting opportunities ahead. Our efforts to stabilize and strengthen our business have already achieved meaningful results. The decision to pursue a sale of the Company gives Akorn the opportunity to address its capital structure and litigation-related overhangs by seeking a new owner that will continue to invest in our business and future growth. I believe that this decisive action is the right path for our business and will deliver greater financial security in the long term."

The Company plans to continue to operate as usual throughout the sale process, including delivering safe and effective pharmaceutical products to customers and fulfilling contractual obligations, including payments to vendors.

Tags : #Akorn #Capitalstructure #Future #Growth #Business

About the Author

Team Medicircle

Related Stories

Loading Please wait...

Trending Now

China ropes in more countries for its COVID-19 vaccine trialsSeptember 29, 2020
Antarctica is still free of Covid-19. Can it stay that way?September 29, 2020
Over 200 travellers from India barred from Dubai flight over invalid Covid-19 testsSeptember 29, 2020
Netherland focuses on more stricker rule to comabt COVID-19 September 29, 2020
WHO aims to provide 120 Million rapid Coronavirus tests for poorer statesSeptember 29, 2020
UN chief on 1 Million COVID-19 deathsSeptember 29, 2020
Bahrain reports 585 Covid-19 cases, 777 recoveriesSeptember 28, 2020
Bringing hepatitis C testing and treatment to underserved communities in MadridSeptember 28, 2020
Polish doctor recovers from severe COVID-19 through rehabilitationSeptember 28, 2020
WHO supports rehabilitation of COVID-19 and other patients in UkraineSeptember 28, 2020
WHO work with migrant camps in Greece September 28, 2020
US employers being sued for COVID-19 infection spread September 28, 2020
Global Coronavirus deaths cross 1 Million markSeptember 28, 2020
Highly effective antibodies identified, may lead to passive COVID-19 vaccineSeptember 26, 2020
Europe has a lot of work to do to prevent COVID-19 transmission :WHOSeptember 26, 2020
Two million Coronavirus deaths : WHO September 26, 2020
Johnson & Johnson COVID-19 vaccine produces strong results September 26, 2020
New York to permanently switch to outdoor dining amid pandemicSeptember 26, 2020
WHO gave blessing for Coronavirus vaccine emergency use programme: ChinaSeptember 26, 2020
US surpasses 7 Million Coronavirus casesSeptember 26, 2020