Brief: Lannett Company, Inc. Enters Into Restructuring Support Agreement

Lannett

01/05/2023 13:41

May 1 (Reuters) - Lannett Company Inc  LCIN.PK :
    * LANNETT COMPANY, INC. ENTERS INTO RESTRUCTURING SUPPORT
AGREEMENT
    * LANNETT COMPANY, INC. ENTERS INTO RESTRUCTURING SUPPORT
AGREEMENT
    * LANNETT COMPANY INC: TRANSACTION WILL SIGNIFICANTLY
STRENGTHEN
COMPANY'S FINANCIAL POSITION BY ELIMINATING APPROXIMATELY $511
MILLION OF SECURED DEBT
    * LANNETT COMPANY INC- FINANCIAL RESTRUCTURING TRANSACTION
CONTEMPLATED BY RSA WILL REDUCE CO'S OUTSTANDING SECURED
INDEBTEDNESS BY ABOUT $511 MILLION
    * LANNETT COMPANY INC - OPERATIONS TO CONTINUE WITHOUT
INTERRUPTION THROUGH AND FOLLOWING PROCESS
    * LANNETT COMPANY INC - FOLLOWING COMPLETION OF TRANSACTION,
SECURED LENDERS WILL OWN EQUITY OF COMPANY AND COMPANY'S
EXISTING STOCK WILL BE CANCELLED
    * LANNETT COMPANY INC- CONTINUES TO ANTICIPATE NEAR-TERM
PRODUCT
LAUNCHES AND SIGNIFICANT PROGRESS ON MORE SPECIALIZED
TECHNOLOGIES
    * LANNETT COMPANY INC: ELIMINATING SECURED DEBT THROUGH
CONVERSION
INTO EQUITY
    * LANNETT COMPANY INC - WORKING TO COMPLETE FINANCIAL
RESTRUCTURING TRANSACTION BY JUNE 18, 2023
    * LANNETT COMPANY INC - LANNETT EXPECTS TO EMERGE FROM
BANKRUPTCY
WITHIN 45 DAYS AFTER CHAPTER 11 FILING
    * LANNETT COMPANY INC- EXPECTS TO FILE VOLUNTARY PETITIONS
FOR
REORGANIZATION PURSUANT TO CHAPTER 11 OF UNITED STATES
BANKRUPTCY CODE
    * LANNETT COMPANY - CONTINUES TO HAVE SUFFICIENT LIQUIDITY
TO MEET
FINANCIAL OBLIGATIONS TO VENDORS, CUSTOMERS, PARTNERS,
SUPPLIERS, AND EMPLOYEES
    * LANNETT COMPANY-EXPECTS TO CONTINUE MAKING PAYMENTS TO
VENDORS,
CUSTOMERS, PARTNERS, SUPPLIERS, EMPLOYEES WITHOUT INTERRUPTION
IN ORDINARY COURSE OF BUSINESS
    * LANNETT: HOLDERS OF OVER 80% OF ITS SENIOR SECURED NOTES,
100%
OF ITS SECOND LIEN TERM LENDERS SIGNED UP TO RSA & COMMITTED TO
VOTE IN FAVOR OF PLAN
    * LANNETT COMPANY INC - COMPANY'S CURRENT CEO, TIM CREW, IS
EXPECTED TO REMAIN WITH NEW COMPANY AND JOIN ITS BOARD OF
DIRECTORS

Source text for Eikon:  ID:nPn3ynG3za 
Further company coverage:  LCIN.PK 

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