--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-072530" form_type: "8-K" ticker: null cik: "0000057725" company_name: "LANNETT CO INC" filed_at: "2023-06-20T23:59:59+00:00" generated_at: "2026-06-13T21:58:33.371884+00:00" event_type: "other_material" sentiment: "positive" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Lannett emerges from Chapter 11, cuts debt ~$600M, becomes private company ## Summary - Emerged Chapter 11 on June 16, 2023; debt reduced by approx. $600M with over $500M of senior secured debt equitized. - New $60M takeback term loan (2% PIK, due 2030) and $45M revolving credit facility (SOFR+2.5%, due 2028) established. - All old common stock canceled; new common stock and warrants issued to prepetition noteholders via section 1145 exemption. - New board: CEO Tim Crew, Jeffrey Goldberg, Jason Shandell; prior directors LePore, Chapman, Drabik, Rewolinski, Farber departed. - Insulin glargine BLA compilation complete in July; pre-submission FDA meeting planned; approval anticipated in 2024. ## SEC filing metadata - accession: 0001104659-23-072530 - form_type: 8-K - cik: 0000057725 - company_name: LANNETT CO INC - filed_at: 2023-06-20T23:59:59+00:00 - event_type: other_material - sentiment: positive - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 1.02, 1.03, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/tm2318957d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-072530 - JSON: https://secwatch.observer/filing/0001104659-23-072530.json - Plain text: https://secwatch.observer/filing/0001104659-23-072530.txt ## Key facts - Debt Financings LANNETT CO INC incurred term loan of $60 million aggregate principal amount with lenders party to the Takeback Credit Agreement and Alter Domus (US) LLC, as administrative agent and collateral agent at 2%, payable in-kind maturing June 16, 2030. - Instrument: term loan - Principal: $60 million aggregate principal amount - Counterparty: lenders party to the Takeback Credit Agreement and Alter Domus (US) LLC, as administrative agent and collateral agent - Rate: 2%, payable in-kind - Maturity: June 16, 2030 - Event: incurrence source text: On the Effective Date, the reorganized Debtors (the “Reorganized Debtors”) entered into that certain First Lien Credit and Guaranty Agreement, dated as of June 16, 2023 (the “Takeback Credit Agreement”), with the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent, which governs a financing facility consisting of term loans (the “Term Loans”) in an aggregate principal amount of $60 million (the “Takeback Exit Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Debt Financings LANNETT CO INC incurred revolving credit of $45.0 million aggregate revolving commitments with lenders party to the New RCF Credit Agreement and Wells Fargo Bank, National Association, as administrative agent and collateral agent at Adjusted Term SOFR plus 2.50% or Base Rate plus 1.50% maturing June 16, 2028. - Instrument: revolving credit - Principal: $45.0 million aggregate revolving commitments - Counterparty: lenders party to the New RCF Credit Agreement and Wells Fargo Bank, National Association, as administrative agent and collateral agent - Rate: Adjusted Term SOFR plus 2.50% or Base Rate plus 1.50% - Maturity: June 16, 2028 - Event: incurrence source text: On the Effective Date, the Reorganized Debtors entered into that certain Credit and Guaranty Agreement, dated as of June 16, 2023 (the “New RCF Credit Agreement”), with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent, which governs a revolving credit facility consisting of revolving commitments in an aggregate amount of $45.0 million (the “New RCF Facility” and the loans thereunder, the “Revolving Loans”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Distress & Bankruptcy LANNETT CO INC entered chapter 11 (petition 2023-06-16). - Proceeding: chapter 11 - Petition: 2023-06-16 source text: On June 16, 2023, the Debtors filed a Notice of (I) Entry of Order Approving the Disclosure Statement for, and Confirming the Debtors' Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Lannett Company, Inc. and its Debtor Affiliates, and (II) Occurrence of the Effective Date [Docket No. 260]. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change Timothy C. Crew was appointed as Director at LANNETT CO INC. - Action: appointed - Role: Director source text: Timothy C. Crew, Jeffrey D. Goldberg and Jason Shandell were designated as members of the board of directors of Reorganized LCI (the “Board of Directors”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change Jeffrey D. Goldberg was appointed as Director at LANNETT CO INC. - Action: appointed - Role: Director source text: Timothy C. Crew, Jeffrey D. Goldberg and Jason Shandell were designated as members of the board of directors of Reorganized LCI (the “Board of Directors”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change John C. Chapman departed as Director at LANNETT CO INC. - Action: ceased - Role: Director source text: Pursuant to the Plan, Patrick G. LePore, John C. Chapman, David Drabik and Melissa V. Rewolinski cease to be directors of LCI and Jeffrey Farber no longer serves as chair emeritus thereof. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change Jeffrey Farber departed as Chair Emeritus at LANNETT CO INC. - Action: ceased - Role: Chair Emeritus source text: Pursuant to the Plan, Patrick G. LePore, John C. Chapman, David Drabik and Melissa V. Rewolinski cease to be directors of LCI and Jeffrey Farber no longer serves as chair emeritus thereof. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change Jason Shandell was appointed as Director at LANNETT CO INC. - Action: appointed - Role: Director source text: Timothy C. Crew, Jeffrey D. Goldberg and Jason Shandell were designated as members of the board of directors of Reorganized LCI (the “Board of Directors”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change Patrick G. LePore departed as Director at LANNETT CO INC. - Action: ceased - Role: Director source text: Pursuant to the Plan, Patrick G. LePore, John C. Chapman, David Drabik and Melissa V. Rewolinski cease to be directors of LCI and Jeffrey Farber no longer serves as chair emeritus thereof. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change David Drabik departed as Director at LANNETT CO INC. - Action: ceased - Role: Director source text: Pursuant to the Plan, Patrick G. LePore, John C. Chapman, David Drabik and Melissa V. Rewolinski cease to be directors of LCI and Jeffrey Farber no longer serves as chair emeritus thereof. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Executive change Melissa V. Rewolinski departed as Director at LANNETT CO INC. - Action: ceased - Role: Director source text: Pursuant to the Plan, Patrick G. LePore, John C. Chapman, David Drabik and Melissa V. Rewolinski cease to be directors of LCI and Jeffrey Farber no longer serves as chair emeritus thereof. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Material Agreements LANNETT CO INC entered into Credit and Guaranty Agreement (New Revolving Credit Facility) with Wells Fargo Bank, National Association as administrative agent and collateral agent valued at $45.0 million revolving credit facility (effective 2023-06-16). - Action: entry - Agreement: credit facility - Counterparty: Wells Fargo Bank, National Association as administrative agent and collateral agent - Value: $45.0 million revolving credit facility - Effective: 2023-06-16 source text: On the Effective Date, the Reorganized Debtors entered into that certain Credit and Guaranty Agreement, dated as of June 16, 2023 (the “New RCF Credit Agreement”), with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent, which governs a revolving credit facility consisting of revolving commitments in an aggregate amount of $45.0 million (the “New RCF Facility” and the loans thereunder, the “Revolving Loans”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Material Agreements LANNETT CO INC terminated Indenture dated September 27, 2019 with Wilmington Trust, National Association valued at Obligations cancelled under the Plan (effective 2023-06-16). - Action: termination - Agreement: notes offering - Counterparty: Wilmington Trust, National Association - Value: Obligations cancelled under the Plan - Effective: 2023-06-16 source text: Pursuant to the Plan, on the Effective Date, the obligations of the Debtors under (i) the indenture, dated as of September 27, 2019, between LCI and Wilmington Trust, National Association, as trustee; (ii) the indenture, dated as of April 22, 2021, as supplemented by the first supplemental indenture, dated as of April 22, 2021, by and among LCI, the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee and note collateral agent; and (iii) the Second Lien Credit and Guaranty Agreement, dated as of April 22, 2021, by and among LCI, the other creditor parties party thereto, the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent (as further amended), were cancelled. evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm - Material Agreements LANNETT CO INC entered into First Lien Credit and Guaranty Agreement (Takeback Exit Facility) with Alter Domus (US) LLC as administrative agent and collateral agent valued at $60 million term loans (effective 2023-06-16). - Action: entry - Agreement: credit facility - Counterparty: Alter Domus (US) LLC as administrative agent and collateral agent - Value: $60 million term loans - Effective: 2023-06-16 source text: On the Effective Date, the reorganized Debtors (the “Reorganized Debtors”) entered into that certain First Lien Credit and Guaranty Agreement, dated as of June 16, 2023 (the “Takeback Credit Agreement”), with the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent, which governs a financing facility consisting of term loans (the “Term Loans”) in an aggregate principal amount of $60 million (the “Takeback Exit Facility”). evidence_url: https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.