K-V Pharmaceutical Use of Cash Collateral Approved by U. S. Bankruptcy Court
K-V Pharmaceutical Company announced that the U.S. Bankruptcy Court for the Southern District of New York, the Honorable Judge Allan L. Gropper presiding, today approved on an interim basis the Company's request for the use of cash collateral that was made as part of the Company's voluntary reorganization cases filed under chapter 11 of the U. S. Bankruptcy Code.
"Together with the Court's prior approval of our First Day motions, this authorization of the use of cash collateral is another important step forward, further ensuring that K-V is able to continue operations and focus on the restructuring process," said Greg Divis, President and CEO of K-V Pharmaceutical. "Meanwhile, reaching agreement regarding this matter with our Senior Noteholders sets the stage for continued cooperation toward the development of a plan of restructuring under which K-V will be able to emerge from chapter 11 as a stable and competitive company," Divis concluded.
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