Follows Agreement Between the Company and Its Senior Note Holders Regarding Cash Collateral
St. Louis, MO, August 8, 2012 – K-V Pharmaceutical Company (“K-V” or “the Company”) today announced that all “First Day” motions presented to the U.S. Bankruptcy Court on August 7, 2012 that were included as part of the Company’s initial filings in its voluntary reorganization cases were approved on either an interim or final basis by the U. S. Bankruptcy Court for the Southern District of New York, the Honorable Judge Allan L. Gropper presiding.
"Together with the Court’s prior approval of our First Day motions, this authorization of the use of cash collateral is another important step forward, further ensuring that K-V is able to continue operations and focus on the restructuring process," said Greg Divis, President and CEO of K-V Pharmaceutical. “Meanwhile, reaching agreement regarding this matter with our Senior Noteholders sets the stage for continued cooperation toward the development of a plan of restructuring under which K-V will be able to emerge from chapter 11 as a stable and competitive company,” Divis concluded.
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