ST. LOUIS, Aug. 8, 2012 /PRNewswire/ -- K-V Pharmaceutical Company ("K-V" or "the Company") today announced that all "First Day" motions presented to the U.S. Bankruptcy Court on August 7, 2012 that were included as part of the Company's initial filings in its voluntary reorganization cases were approved on either an interim or final basis by the U.S. Bankruptcy Court for the Southern District of New York, the Honorable Judge Allan L. Gropper presiding.
The approved First Day motions cover, among other things, obligations to employees and warehouse and common carrier providers and authorize the Company to continue to use its current cash management system. A final hearing on the First Day motions as well as certain other motions is scheduled for August 22, 2012.
"With the Court's approval of our First Day motions, K-V is able to continue operations and focus on restructuring our financial obligations," said Greg Divis, President and CEO of K-V Pharmaceutical. "We intend to emerge from this restructuring as a stable and competitive company, able to continue to provide quality products to support the health of women across the stages of their lives. Approval of these First Day motions helps provide the flexibility we need to complete this process quickly and efficiently," Divis added.
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. Updates and additional information can be found at the Company's website www.kvph.com. In addition, the Company's Claims Administrator, Epiq Bankruptcy Solutions, Inc., maintains a web-based resource where documents from the Chapter 11 cases, including the Company's Petitions, can be found, http://dm.epiq11.com/KVD.K-V has retained, subject to Bankruptcy Court approval, the services of Willkie Farr & Gallagher LLP as bankruptcy counsel, and Jefferies & Co., Inc. as financial advisor and investment banker. About K-V Pharmaceutical Company K-V Pharmaceutical Company is a specialty branded pharmaceutical company with a primary focus in the area of women's healthcare. As such, we are committed to advancing the health of women across all the stages of their lives. For further information about K-V Pharmaceutical Company, please visit the Company's corporate website at www.kvph.com. Cautionary Note Regarding Forward-looking Statements This release contains various forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (the "PSLRA") and which may be based on or include assumptions concerning our operations, future results and prospects. Such statements may be identified by the use of words like "plan," "expect," "aim," "believe," "project," "anticipate," "commit," "intend," "estimate," "will," "should," "could," "potential" and other expressions that indicate future events and trends. All statements that address expectations or projections about the future, including, without limitation, statements about product launches, governmental and regulatory actions and proceedings, market position, revenues, expenditures and the impact of the recall and suspension of shipments on revenues, adjustments to the financial statements, the filing of amended SEC filings and other financial results, are forward-looking statements.