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Akorn, Inc.
Akorn Issues Important Business Updates:-- Purchase of Existing Credit Facility ---- Renegotiation of Distribution Agreement --
April 15th, 2009
Akorn, Inc. (NASDAQ: AKRX) announced that EJ Funds has purchased all of General Electric Capital Corporation’s rights as the lender under Akorn’s Credit Agreement with GE Capital. As of March 31, 2009, the effective date of the purchase, Akorn owed approximately $5.5 million under the Credit Agreement. EJ Funds is affiliated with EJ Financial Enterprises, Inc., whose President is Dr. John N. Kapoor, Akorn’s Chairman and largest shareholder. Akorn expects to issue stock warrants to EJ Funds totaling approximately 1.65 million Akorn common shares in connection with this loan purchase. Also, although EJ Funds is not required to loan additional funds to Akorn, were it to do...
Source: Vaccine Weekly (2009-04-15)
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