December 13, 2012 | By Eric Palmer
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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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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