Lannett Enters Restructuring Support Agreement

(RTTNews) - Lannett Company, Inc. said, together with certain of its subsidiaries, it has entered into a restructuring support agreement with holders of more than 80% of its 7.750% senior secured notes due 2026 and 100% of the lenders party to the company's second lien credit and guaranty agreement. To implement the financial restructuring, the company expects to file voluntary petitions for reorganization pursuant to Chapter 11. Lannett expects to emerge from bankruptcy within 45 days after the Chapter 11 Filing.

The financial restructuring transaction will reduce the company's outstanding secured indebtedness by approximately $511 million. The company is working to complete the financial restructuring transaction by June 18, 2023.