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.