Akorn Gets Bankruptcy Plan Confirmed Over Creditor Objections

Generic drug manufacturer Akorn Inc. won bankruptcy court approval of its Chapter 11 reorganization plan after fighting off creditor objections.

The plan, confirmed Friday by Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware, will allow the generic drug manufacturer to quickly wind down its bankruptcy after completing the sale of its business to a group of term loan lenders. Owens approved the sale Sept. 1.

Under the plan, the lenders will provide a $35 million budget to wind down the business and repay secured and priority claims in full. In a settlement with ...