secwatch.observer — SEC 8-K summary
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Issuer:     LANNETT CO INC (—)
CIK:        0000057725
Form:       8-K
Filed at:   2023-06-20T23:59:59+00:00
Accession:  0001104659-23-072530
Event type: other_material
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 1.02, 1.03, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lannett emerges from Chapter 11, cuts debt ~$600M, becomes private company
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/0001104659-23-072530-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/57725/000110465923072530/tm2318957d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-072530

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer