AKRX - Akorn Files For Bankruptcy Protection - Existing Equity Holders Will Almost Certainly Be Wiped Out
Note: I have covered Akorn Inc. (AKRX) previously, so investors should view this as an update to my earlier article on the company.
As expected, and previously outlined in many of its public disclosures, generic pharmaceuticals manufacturer Akorn Inc. finally filed for Chapter 11 bankruptcy protection on Thursday, May 21st as the company looks to wipe out its heavy $838 million debt load. I believe that following the Chapter 11 filing, Akorn equity still remains overvalued and I expect it to head lower following the delist as they move to the OTC market.