Akorn’s Chapter 11 Setting

Pestalozzi advised Akorn and and its’ Switzerland based subsidiary Akorn AG.

Akorn, a leading specialty pharmaceutical company announced the successful completion of its sale to certain of the Company’s term loan lenders, which was approved by the United States Bankruptcy Court for the District of Delaware on September 2, 2020.

This milestone marks the culmination of Akorn’s Chapter 11 cases, with the Company well-positioned to continue to fulfill its mission to improve patients’ lives through the quality, availability and affordability of its products. In tandem with the completion of the sale, Akorn’s long-term debt has been cut by more than half, and the Company has secured a revolving credit line to ensure a stronger balance sheet and operating flexibility as it looks to enter a new phase of growth.

Following the official completion of the transaction, Akorn is now operating as a private entity under the legal name of Akorn Operating Company LLC.

Akorn develops, manufactures and markets specialty pharmaceuticals, including prescription, consumer health and animal health products. As an industry leader in branded and generic products in alternate dosage forms such as ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays, we focus each day on our mission to improve lives, through the quality, availability and affordability of our products.

The Pestalozzi team included Franz Schubiger (Picture), Christian Roos, Beat Schwarz, Jonas Sigrist, Michael Lips, Sarah Drukarch, Severin Etzensperger and Andrea P. Rohrer-Lippuner.

Involved fees earner: Sarah Drukarch – Pestalozzi; Severin Etzensperger – Pestalozzi; Michael Lips – Pestalozzi; Andrea Rohrer-Lippuner – Pestalozzi; Christian Roos – Pestalozzi; Franz Schubiger – Pestalozzi; Beat Schwarz – Pestalozzi; Jonas Sigrist – Pestalozzi;

Law Firms: Pestalozzi;

Clients: Akorn AG; Akorn Inc.;