Law360 (May 22, 2020, 6:59 PM EDT) -- Specialty pharmaceutical giant Akorn Inc. was cleared Friday by a Delaware judge to tap into its $30 million debtor-in-possession loan as it seeks a Chapter 11 buyer for its assets with a floor bid worth roughly $1 billion in place from secured lenders.
During a hearing held via telephone, U.S. Bankruptcy Judge Karen B. Owens signed off on an interim order enabling Akorn to immediately access $10 million from DIP financing, which is being provided by certain existing lenders and administered by Wilmington Savings Fund Society FSB.
Akorn will move the entire amount into an escrow account immediately, with $10 million...
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