Akorn, Inc.

Akorn is now in post-confirmation wind-down posture, with the case effectively closed after the April 6, 2026 final decree milestone and only final claims-record administration appearing on the recent docket. The company filed chapter 11 on May 20, 2020, after a failed Fresenius merger, related litigation and regulatory issues left the specialty pharmaceutical business carrying about $861.7 million of term-loan debt against a sharply impaired enterprise value, as described in the Portwood first-day declarationDkt. 15.

The filing was structured around a lender-supported path rather than a free-fall operating reorganization. Before filing, Akorn had run a marketing process that did not produce bids sufficient to repay the term loans; the term loan lenders then supported a credit-bid sale framework and over 75% of holders signed an RSA that included $30 million of DIP financing, according to the same Portwood first-day declarationDkt. 15. The chapter 11 process moved quickly from filing into plan implementation, with Akorn filing a first amended plan supplement in August 2020 and obtaining confirmation of the modified joint chapter 11 plan on September 4, 2020 through the confirmation orderDkt. 673.

The remaining posture is administrative rather than operational. Akorn’s post-confirmation reporting shows the plan became effective on October 1, 2020, cumulative cash disbursements since the effective date totaled $13.3 million, secured and priority claims were paid in full, and general unsecured recoveries were reported at zero; the April 2026 report also states that the case reached its final milestone with entry of the final decree on April 6, 2026 in the . The scheduled April 22, 2026 hearing did not go forward because the final decree motion had already been resolved without objection, as reflected in the .