secwatch.observer — SEC 8-K summary
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Issuer:     LANNETT CO INC (—)
CIK:        0000057725
Form:       8-K
Filed at:   2023-06-13T23:59:59+00:00
Accession:  0001104659-23-070880
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bankruptcy Court confirms Lannett's prepackaged Chapter 11 plan; old equity cancelled
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/57725/000110465923070880/0001104659-23-070880-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/57725/000110465923070880/tm2318549d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-070880

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