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.