Akorn Defaults On Loan Agreement After Sale Bid Falls Flat
Market ‘Uncertainties’ Impacted Sale Process, Company Says
Executive Summary
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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