Akorn Warns Of Possible Bankruptcy Filing [Seeking Alpha]
AKORN (AKRX)
Last akorn earnings: 10/31 07:00 am
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US:NASDAQ Investor Relations:
investors.akorn.com
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Source: Seeking Alpha
Summary Tucked into 8-k filing was a warning that AKRX is actively considering the protections of a Chapter 11 bankruptcy. AKRX paid out $3.8m of accelerated bonus payments last Friday because court approval would be needed to make such payments under a Chapter 11 filing. Amended Standstill Agreement sets a tight deadline of February 7, 2020 for AKRX to enter into the finalized Comprehensive Amendment. In an event of bankruptcy filing, we think the stock could trade down to $1 per share given the currently depressed EBITDA and proposed Contingent Rights (CVR). It is rare that a single event turns us from bullish to bearish on a company in the span of 24 hours, but an press release LAKE FOREST, Ill., Dec. 16, 2019 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq: Doug Boothe, Akorn’s President and Chief Executive Officer, commented, “We are pleased to have reached this agreement, which provides additional time for Akorn, our Board of Directors, and advisors to evaluate strategic alternatives t
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