Drugmaker Akorn’s Bankruptcy Sale to Lenders Approved

Pharmaceutical company Akorn Inc. won court approval to sell its business out of bankruptcy to a group of lenders, beating a challenge from a number of union benefit funds that accused the company of price fixing.

Judge Karen B. Owens approved the sale at the close of a telephonic hearing Tuesday at the U.S. Bankruptcy Court for the District of Delaware, advancing the company’s bid to confirm a Chapter 11 plan and continue as a going concern.

The deal, previously valued around $1 billion, contemplates the forgiveness of secured debt and the assumption of $115 million in unsecured vendor claim ...