Brief: Lannett Company Says It Filed Prepackaged Chapter 11 Cases To Significantly Strengthen Financial Position

Lannett

03/05/2023 04:01

May 2 (Reuters) - Lannett Company Inc  LCIN.PK :
    * LANNETT COMPANY, INC. FILES PREPACKAGED CHAPTER 11 CASES
TO
SIGNIFICANTLY STRENGTHEN FINANCIAL POSITION
    * NO IMPACT ON BUSINESS OPERATIONS AS COMPANY PURSUES
BUSINESS
PLAN
    * RESTRUCTURING TRANSACTIONS WILL REDUCE THE COMPANY'S
FUNDED DEBT
BY APPROXIMATELY $597 MILLION
    * CO HAS SUFFICIENT LIQUIDITY TO OPERATE ITS BUSINESSES,
INCLUDING
PAYMENT OF ALL SUCH OBLIGATIONS
    * COMPANY EXPECTS CHAPTER 11 CASES TO BE EXPEDITIOUS, WITH
EMERGENCE OCCURRING WITHIN 45 DAYS AFTER FILING OF PETITIONS.
    * EXPECTED TO OPERATE IN ORDINARY COURSE OF BUSINESS THROUGH
CHAPTER 11 PROCESS
    * RSA SUPPORTED BY HOLDERS OF MORE THAN 80% OF  SENIOR
SECURED
NOTES AND 100% OF HOLDERS OF SECOND LIEN TERM LOAN

Source text for Eikon:  ID:nPn1NxFNLa 
Further company coverage:  LCIN.PK 

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