KV Pharmaceutical Co. has emerged from bankruptcy with less debt and a $375 million recapitalization, the St. Louis Post-Dispatch reported today. The Bridgeton, Mo.-based drug company said that as part of its reorganization plan effective yesterday, its current preferred and common stock had been canceled. Current senior secured notes will be paid in cash, and general unsecured creditors will receive a pro rata share of $10.25 million, KV said. Convertible subordinated noteholders will receive 7 percent of KV’s new common shares in addition to shares purchased through the rights offering or direct purchase of shares.
