K-V Pharmaceutical to file reorganization plan for court confirmation

By Susanna Moon

Chicago, Dec. 12 ¨C K-V Pharmaceutical Co. said it plans to file a reorganization plan with the U.S. Bankruptcy Court for the Southern District of New York that it has worked out with senior noteholders.

Under the proposed reorganization plan, K-V expects to emerge from Chapter 11 with its entire product portfolio, including Makena, Clindesse, Gynazole-1 and Evamist, according to a company press release.

K-V also plans to file a related disclosure statement and a plan support agreement with an ad hoc group of senior secured noteholders.

The principal terms of the proposed reorganization plan are contained in a plan term sheet filed with the motion to approve the DIP financing filed with the bankruptcy court, the release noted.

On Dec. 12 the company requested court approval to obtain $85 million in debtor-in-possession financing, with Silver Point Finance, LLC as the DIP agent.

K-V Pharmaceutical, a St. Louis specialty pharmaceutical company, filed for bankruptcy on Aug. 4. Its Chapter 11 case number is 12-13346.

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