K-V Pharmaceutical emerges from bankruptcy with $375 million recapitalization

USA-based K-V Pharmaceutical, which filed for bankruptcy in August 2012, when it was embroiled in controversy over its preterm-labor drug Makena (hydroxyprogesterone caproate), has announced that its plan of reorganization has become effective and that it has successfully emerged from Chapter 11 with significantly reduced debt and a $375 million recapitalization.

Under to the Plan, investors led by Capital Ventures International, Greywolf Capital, Kingdon Capital and Deutsche Bank (together with Silver Point Finance) and/or affiliates of each of the foregoing have provided the majority of funding of the company's new $100 million credit facility, and $275 million rights offering and direct purchase of new common shares.

Now has “solid foundation for growth”