ACETO Completes the Sale of Its Chemicals Business Assets
30 April 2019 - 10:00PM
ACETO Corporation (OTC: ACETQ) announced today that it has
completed the previously disclosed sale of its chemicals business
assets to an affiliate of New Mountain Capital, a leading
growth-oriented investment firm with over $20 billion in assets
under management.
The purchase price paid in the transaction consisted of cash
plus the payment of cure costs and the assumption of certain
liabilities. ACETO used a portion of the proceeds from the
transaction to repay 100% of the outstanding principal and unpaid
interest and fees due under both its Second Amended and Restated
Credit Agreement, dated as of December 21, 2016, and its Senior
Secured, Priming and Superpriority Debtor-in-Possession Credit
Agreement, dated as of February 21, 2019.
President and Chief Executive Officer William C. Kennally
commented: “Together with the sale of our generic pharma business
on April 19, 2019, we have now completed the sales of all of our
operating businesses. We will proceed with the process of
preparing, filing and seeking confirmation of an orderly plan of
liquidation, with all that that process entails. In the meantime, I
want to extend my sincere thanks to our employees for their
tireless efforts to enable us to effect the sales of our operating
businesses.”Additional information about Aceto’s Chapter 11 cases
can be found at http://cases.primeclerk.com/Aceto and by calling
844-216-7718, a toll-free number for callers in the U.S. and
Canada, or 347-761-3238, for international callers.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking
statements as that term is defined in the federal securities
laws. Any such forward-looking statements are based on
current expectations, estimates and projections of management.
ACETO intends for these forward-looking statements to be covered by
the safe-harbor provisions for forward-looking statements. ACETO
cautions you that these statements are not guarantees of future
performance or events and are subject to several uncertainties,
risks and other influences, many of which are beyond ACETO’s
control, which may influence the accuracy of the statements and the
projections upon which the statements are based. Potential
risks, influences and uncertainties that could cause actual results
to differ materially from those set forth or implied by any
forward-looking statement include, but are not limited to: (i)
ACETO’s ability to obtain approval with respect to motions in the
Chapter 11 cases and the Bankruptcy Court’s rulings in the Chapter
11 cases and the outcome of the Chapter 11 cases in general; (ii)
the length of time ACETO and its U.S. subsidiaries will operate
under the Chapter 11 cases; (iii) increased legal and advisor costs
related to the Chapter 11 cases and other litigation and the
inherent risks involved in a bankruptcy process; (iv) the effect of
the Chapter 11 cases on the trading price in ACETO’s securities;
and (v) other risks and uncertainties discussed in ACETO’s reports
filed with the Securities and Exchange Commission (“SEC”),
including, but not limited to, ACETO’s Annual Report on Form 10-K
for the fiscal year ended June 30, 2018 and other SEC filings,
copies of which are available at www.sec.gov. Accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or, if any of
them do so, what impact they will have on ACETO.
Company Contact: Jody BurfeningCommunications
Consultant jburfening@lhai.com(212) 838-3777
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