Search This Blog

Wednesday, April 1, 2020

Akorn defaults on loan

Akorn (NASDAQ:AKRX) slips 20% premarket on modest volume in reaction to its announcement that it no longer has any potential bids to buy the company that are sufficient to pay all of its obligations under its term loan agreement, triggering an immediate default.
The loan interest payable has now increased to LIBOR + 12.50% plus a 2.00% default rate.
The company will file for Chapter 11 bankruptcy protection no later than May 1 as it seeks to sell substantially all of its assets.
https://seekingalpha.com/news/3557098-akorn-defaults-on-loan-shares-down-20-premarket

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.