Lannett Co. Inc. has emerged from chapter 11 protection following the confirmation of its reorganization plan earlier this month, the Philadelphia Business Journal reported. Under its restructuring plan, the Trevose-based generic and specialty pharmaceutical company reduced its debt by about $600 million. Lannett said that it also has entered into a credit agreement to support post-emergence liquidity and invest in future growth. Details of the agreement were not disclosed. The company is now operating as a privately held company under the ownership of its pre-petition lenders. Equity shares of Lannett have been canceled and are no longer publicly trading. Lannett will continue to be led by its existing management team, with Tim Crew as CEO, alongside a newly constituted three-member board of directors. Crew is serving on the board with Jeffrey D. Goldberg and Jason Shandell. The reorganization plan was supported by all major creditors, including more than 80% of the holders of its senior secured notes and 100% of the holders of its second lien term loan. Lannett listed assets of $334.6 million and debts of $708.9 million in its chapter 11 filing in early May.
