Akorn Extends Lenders Standstill With Aim To Sell Company
Fourth Quarter Losses Narrow But Figures Miss Analyst Targets
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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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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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.