Pestalozzi advised Akorn on its sale to lenders in a Chapter 11 setting
Akorn, a leading specialty pharmaceutical company announced the completion of 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’s long-term debt has been cut by more than half, and the company has secured a revolving credit line to ensure a stronger balance sheet and operating flexibility as it 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 of Akorn Operating Company.