May 21, 2020 / 4:05 AM / 17 days ago

BRIEF-Akorn Files For Voluntary Protection Under Chapter 11

May 20 (Reuters) - Akorn Inc:

* AKORN TO USE VOLUNTARY CHAPTER 11 PROCESS TO POSITION BUSINESS FOR LONG-TERM SUCCESS

* AKORN INC - CONTINUES OPERATIONS AS USUAL, DELIVERING SAFE AND EFFECTIVE PRODUCTS TO CUSTOMERS AND PATIENTS

* AKORN INC - COMPANY HAS EXECUTED A RESTRUCTURING SUPPORT AGREEMENT WITH LENDERS REPRESENTING MORE THAN 80% OF ITS SECURED DEBT

* AKORN INC - LENDERS REPRESENTING MORE THAN 80% OF ITS SECURED DEBT WILL COLLECTIVELY SERVE AS A “STALKING HORSE” BIDDER IN COMPANY’S SALE PROCESS

* AKORN INC - OBTAINED CONSENT TO USE CASH COLLATERAL FROM ALL OF ITS EXISTING LENDERS

* AKORN - RECEIVED COMMITMENTS FROM CERTAIN OF ITS LENDERS FOR $30 MILLION IN DEBTOR-IN-POSSESSION (“DIP”) FINANCING

* AKORN INC - CO & U.S. SUBSIDIARIES FILED FOR VOLUNTARY PROTECTION UNDER CHAPTER 11 IN UNITED STATES BANKRUPTCY COURT FOR DISTRICT OF DELAWARE

* AKORN INC - COMPANY’S ENTITIES IN INDIA AND SWITZERLAND ARE NOT INCLUDED IN CHAPTER 11 FILING

* AKORN INC - COMPANY IS WORKING TO COMPLETE SALE PROCESS IN Q3 OF 2020

* AKORN INC - FILED FOR VOLUNTARY PROTECTION UNDER CHAPTER 11 TO EXECUTE AN IN-COURT SALE OF ITS BUSINESS Source text for Eikon: Further company coverage:

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