A drug manufacturer in Bucks County has completed its financial reorganization plan, which saw millions eliminated from its debt. John George wrote about the company for the Philadelphia Business Journal.
Lannett Company Inc., located at 1150 Northbrook Drive in Trevose, recently utilized a restructuring plan to eliminate $600 million from their overall debt. Last month, the company filed for bankruptcy in the face of financial struggles and a high amount of debt.
“Our swift and successful emergence marks a significant milestone for Lannett and represents a meaningful vote of confidence from our stakeholders in our long-term strategy and the future of our business,” said CEO Tim Crew.
The company was delisted from the New York Stock Exchange back in April. This was due to them falling below the exchange’s continued listing standard.
Back in December, the company announced their intentions to close its two Northeast Philadelphia research and development sites, the first steps in reducing their presence in the area. This should be completed by the end of the month.
Read more about the company in the Philadelphia Business Journal.
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