---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-039674"
form_type: "8-K"
ticker: null
cik: "0001008848"
company_name: "Acorda Therapeutics, Inc."
filed_at: "2024-04-02T23:59:59+00:00"
generated_at: "2026-06-04T03:15:46.142425+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Acorda Therapeutics files Chapter 11; enters $185M stalking horse asset sale with Merz

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-039674
- form_type: 8-K
- cik: 0001008848
- company_name: Acorda Therapeutics, Inc.
- filed_at: 2024-04-02T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.03, 2.03, 2.04, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1008848/000095017024039674/0000950170-24-039674-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1008848/000095017024039674/acor-20240331.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-039674
- JSON: https://secwatch.observer/filing/0000950170-24-039674.json
- Plain text: https://secwatch.observer/filing/0000950170-24-039674.txt

## Key facts
- Debt Financings
  Acorda Therapeutics, Inc. faced acceleration on senior notes.
  - Instrument: senior notes
  - Event: acceleration
  source text: The filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the Indenture governing the Company’s 2024 Notes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1008848/000095017024039674/0000950170-24-039674-index.htm
- Distress & Bankruptcy
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1008848/000095017024039674/0000950170-24-039674-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.