K-V
Pharmaceutical Company (“K-V” or “the Company”) announced that the U.S.
Bankruptcy Court for the Southern District of New York, the Honorable
Judge Allan L. Gropper presiding, today approved on an interim basis the
Company’s request for the use of cash collateral that was made as part
of the Company’s voluntary reorganization cases filed under chapter 11
of the U. S. Bankruptcy Code.
“Together with the Court’s prior approval of our First Day motions, this authorization of the use of cash collateral is another important step forward, further ensuring that K-V is able to continue operations and focus on the restructuring process,” said Greg Divis, President and CEO of K-V Pharmaceutical. “Meanwhile, reaching agreement regarding this matter with our Senior Noteholders sets the stage for continued cooperation toward the development of a plan of restructuring under which K-V will be able to emerge from chapter 11 as a stable and competitive company,” Divis concluded.
K-V and certain of its affiliates commenced cases to reorganize under chapter 11 of the U.S. Bankruptcy Code on August 4, 2012. The chapter 11 cases are being jointly administered under case number 12-13346.
As a further step along the path of its restructuring, the Office of the United States Trustee will hold a meeting to form an Official Committee of Unsecured Creditors on August 13, 2013. Final hearings on the First Day motions, certain other motions as well as a final hearing on the use of cash collateral are scheduled for August 23, 2012.
“Together with the Court’s prior approval of our First Day motions, this authorization of the use of cash collateral is another important step forward, further ensuring that K-V is able to continue operations and focus on the restructuring process,” said Greg Divis, President and CEO of K-V Pharmaceutical. “Meanwhile, reaching agreement regarding this matter with our Senior Noteholders sets the stage for continued cooperation toward the development of a plan of restructuring under which K-V will be able to emerge from chapter 11 as a stable and competitive company,” Divis concluded.
K-V and certain of its affiliates commenced cases to reorganize under chapter 11 of the U.S. Bankruptcy Code on August 4, 2012. The chapter 11 cases are being jointly administered under case number 12-13346.
As a further step along the path of its restructuring, the Office of the United States Trustee will hold a meeting to form an Official Committee of Unsecured Creditors on August 13, 2013. Final hearings on the First Day motions, certain other motions as well as a final hearing on the use of cash collateral are scheduled for August 23, 2012.
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