Acorda Therapeutics, Inc.: going-concern / distress — Acorda Therapeutics files Chapter 11; enters $185M stalking horse asset sale with Merz

Acorda Therapeutics, Inc.

Voluntary Chapter 11 filing in SDNY on April 1, 2024; seeks sale of substantially all assets under Section 363.
Stalking horse Asset Purchase Agreement with Merz Pharmaceuticals for $185M, subject to higher bids and court approval.
Restructuring Support Agreement with holders of >90% of 6% Convertible Senior Secured Notes due 2024.
DIP Credit Agreement provides $20M new money term loan (plus up to $40M roll-up) at 10.5% annual interest.
Operations continue uninterrupted; patient access to INBRIJA and AMPYRA not affected.

item 1.01 item 1.03 item 2.03 item 2.04 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Acorda Therapeutics, Inc. faced acceleration on senior notes.

Instrument: senior notes
Event: acceleration

Exact text from the filing

The filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the Indenture governing the Company’s 2024 Notes.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Acorda Therapeutics, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2024-04-01).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2024-04-01

Exact text from the filing

On April 1, 2024 (the "Petition Date"), the Company and certain of its subsidiaries (together with the Company, the "Debtors"), commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code (the "Code") in the United States Bankruptcy Court for the Southern District of New York (the "Court").

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0000950170-24-039674

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