1. Generics Bulletin

Akorn Defaults On Loan Agreement After Sale Bid Falls Flat

Market ‘Uncertainties’ Impacted Sale Process, Company Says

 
• By Dean Rudge

Facing soaring legal costs stemming from its failed merger with Fresenius Kabi and burdened by substantial debt, Akorn elected to put itself up for sale earlier this year in order to help repay lenders. But the company has now defaulted on an agreement with its creditors after no bidder stepped up to the plate.

Akorn_Magnified
Akorn will now move towards possible Chapter 11 bankruptcy after failing to find a buyer for its assets • Source: Shutterstock

Troubled Akorn has announced that it has failed to secure any bids for the company large enough to pay all obligations due under its massive historical term loan agreement, triggering an immediate default on the loan that paves the way for Chapter 11 bankruptcy proceedings.

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