KV says it is set to emerge from bankruptcy

December 13, 2012 | By Eric Palmer

KV Pharmaceutical ($KV-A) says it is back in the game. It says it has a deal with its debtors, $85 million in financing, and if the bankruptcy court approves a reorganization plan, will emerge from bankruptcy protection more or less intact.

The announcement came a day after KV reached a $60 million arrangement with Hologic ($HOLX) settling its claim over control of Makena, KV's primary product. The first $60 million out of the pot goes to Hologic, which had tried to reclaim premature birth drug Makena after KV missed a $45 million payment in August and filed for bankruptcy.

It says its senior lenders have agreed to new terms and that it will get the so-called Debtor-in-Financing deal, essentially a high interest loan that gets paid ahead of everyone else, from a group led by Silver Point Finance.


Read more: KV says it is set to emerge from bankruptcy - FiercePharma http://www.fiercepharma.com/story/kv-says-it-set-emerge-bankruptcy/2012-12-13#ixzz2F01a1hN5
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