LANNETT CO INC: going-concern / distress — Bankruptcy Court confirms Lannett's prepackaged Chapter 11 plan; old equity cancelled

LANNETT CO INC

Court confirmed plan on June 8, 2023; emergence expected by June 16, 2023.
First lien secured note holders receive 97% of new common stock and Takeback Exit Facility.
Second lien lenders receive 3% of new common stock, Takeback Exit Facility, and warrants.
Existing common and preferred equity holders receive no distribution; shares cancelled.
As of March 31, 2023, total assets $334.6M and total liabilities $746.9M.

item 1.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

LANNETT CO INC entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-05-02).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-05-02

Exact text from the filing

filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) . The Chapter 11 Cases are being jointly administered under the caption In re Lannett Company, Inc., et al. , Case No. 23-10559 (JKS).

View on SEC.gov

Browse all distress & bankruptcy →

Source: SEC EDGAR

accession 0001104659-23-070880

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.