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Akorn Extends Lenders Standstill With Aim To Sell Company

Fourth Quarter Losses Narrow But Figures Miss Analyst Targets

Executive Summary

US generics company Akorn, which has been struggling since Germany’s Fresenius walked away from a $4.3bn merger three years ago, plans to put itself up for sale under an extended standstill agreement with lenders.

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Akorn Defaults On Loan Agreement After Sale Bid Falls Flat

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.

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Akorn Considers Bankruptcy Filing

Buried within its financial disclosure of a standstill agreement with creditors until 7 February, Akorn disclosed that it is considering whether to file for bankruptcy protection in the US.

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