HOLA RICARDO QUE OPINAS DE ESTA NOTICIA.Y
K-V Pharmaceutical Co. (KVPBQ, KVPHQ) won an extension to keep exclusive control of its restructuring case, but a bankruptcy judge left the door open for creditors to file a rival proposal.
Judge Allan L. Gropper of the U.S. Bankruptcy Court in New York Tuesday extended K-V's exclusive right to file a Chapter 11 plan through June 17. So- called exclusive periods protect a firm restructuring under Chapter 11 from outsiders who may look to interfere with the reorganization process for their own benefit.
Judge Gropper, however, said his order "shall not in any way impair or prejudice the right or ability of any party in interest, including, without limitation, the committee, to seek to terminate the debtors' exclusive filing period."
The ruling allows the committee representing K-V's unsecured creditors to terminate the drug maker's exclusive control in order to file its own competing plan. The committee said last week in court papers that it "was in the process of formulating" its own plan, one that will pay senior note holders in full.
K-V is trying to exit bankruptcy under the control of hedge fund Silver Point Capital and other investors. Silver Point and Whitebox Advisors, along with Boston mutual-fund company Pioneer Investment Management, have agreed to swap some $225 million in secured notes for an 82% stake in the reorganized pharmaceutical company.
But the creditors say the Silver Point plan substantially undervalues K-V. A series of recent developments have boosted the sales of Makena, K-V's flagship premature birth drug. The creditors also note that the pending launch of two other drugs has K-V poised for significant growth.
K-V's future depends on the success of premature-birth drug Makena, which it purchased from drug maker Hologic Inc. (HOLX) in 2008.
The company won "orphan drug" status for Makena, giving it the exclusive right to make the drug for seven years. But it initially marketed the drug at $1,500 per shot, a price that prompted howls of protests from women, obstetricians and members of Congress.
That misstep resulted in the FDA's decision to refrain from taking action against so-called compounding pharmacies that make far-cheaper premature-birth drugs using the same active ingredient as Makena's. K-V eventually lowered the price. It also led to Hologic trying to regain the rights to the drug, but the two sides recently settled their dispute.
K-V sued the FDA in Washington earlier this year over its decision, but a federal judge dismissed the suit. K-V has appealed.
