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Stock Market & Financial Investment News

News Breaks
December 12, 2012
18:44 EDTKV.A, HOLXKV Pharmaceutical secures $85M loan for payments under reorganization plan
K-V Pharmaceutical announced that it has received a commitment from lenders led by an affiliate of Silver Point Finance for $85M in senior secured post-petition debtor-in-possession financing, which the company intends to use to, among other things, satisfy the terms of its recently filed settlement agreement with Hologic (HOLX), provide additional financial flexibility during the pendency of the company's Chapter 11 proceeding and fund certain payments under a proposed reorganization plan. The new DIP financing, the Hologic Settlement and the reorganization plan are each subject to approval of the U. S. Bankruptcy Court for the Southern District of New York. The Hologic settlement confirms K-V's continued ownership of Makena and will resolve all bankruptcy related disputes between K-V and Hologic, and provides for mutual releases of all claims between the parties. Under the proposed reorganization plan, K-V expects to emerge from Chapter 11 with its entire product portfolio, including Makena, Clindesse, Gynazole-1 and Evamist.
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