Akorn, a specialty pharmaceutical company, completed its sale to its term loan lenders and exited Chapter 11 protection.
In tandem with the completion of the sale, Akorn’s long-term debt was cut by more than half, and the company secured a revolving credit line to ensure a stronger balance sheet and operating flexibility as it looks to enter a new phase of growth.
“Today marks the start of an exciting new chapter for Akorn,” Doug Boothe, president and CEO of Akron, said. “We are moving forward with significantly reduced debt, better cash flow, strong operations and a diverse product portfolio that positions Akorn well for long-term growth and a brighter future in the years to come. Our ability to achieve the goals we set at the beginning of our restructuring process is a testament to the hard work and support of our associates, as well as the dedicated partnership of our lenders, customers and suppliers throughout this process.”
Following the official completion of the transaction, Akorn is now operating as a private entity under the legal name of Akorn Operating Company.
Akorn develops, manufactures and markets specialty pharmaceuticals, including prescription, consumer health and animal health products.
