K-V Pharmaceutical Use Of Cash Collateral Approved By U. S. Bankruptcy Court
ST. LOUIS, Aug. 10, 2012 /PRNewswire/ -- 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. 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 . 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.
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