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Financing
Leiner Health Products Files Voluntary Chapter 11 Petition
March 29th, 2008
Leiner Health Products Inc. announced that in order to continue its operations and enhance the value of its business, the Company and certain of its U.S. affiliates have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in Delaware. Leiner intends to use the Chapter 11 process to restructure its debt obligations and explore the sale of the business. In conjunction with the filing, a group of pre-petition lenders has agreed to provide Leiner with $74 million in debtor-in-possession financing that, together with the Company's existing cash flow, will enable Leiner to fulfill obligations associated with operating its business, including...
Source: Law & Health Weekly (2008-03-29)
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