LAKE FOREST, Ill. (WAND) - Akorn has officially filed for Chapter 11 bankruptcy, the company announced Thursday.Â
A press release said the filing is meant to assist with an in-court sale of the company "while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership". In addition to the filing, Akorn also executed a Restructuring Support Agreement with lenders, which represents over 75 percent of its secured debt.Â
The lenders will collectively be a "stalking horse" bidder in Akorn's sale process and provided more liquidity to fund business operations at this time.
Akorn has operations in central Illinois, including in Decatur, and have completed two major expansions in the Decatur area in recent years.Â
Click here for more information.
