0001157523-11-003699.txt : 20110620 0001157523-11-003699.hdr.sgml : 20110620 20110620163011 ACCESSION NUMBER: 0001157523-11-003699 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110617 ITEM INFORMATION: Termination of a Material Definitive Agreement FILED AS OF DATE: 20110620 DATE AS OF CHANGE: 20110620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AKORN INC CENTRAL INDEX KEY: 0000003116 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 720717400 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32360 FILM NUMBER: 11921270 BUSINESS ADDRESS: STREET 1: 1925 W. FIELD COURT, SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 BUSINESS PHONE: 8472796100 MAIL ADDRESS: STREET 1: 1925 W. FIELD COURT, SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 8-K 1 a6766822.htm AKORN, INC. 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

Date of Report: June 17, 2011
(Date of Earliest Event Reported)

Akorn, Inc.
(Exact Name of Registrant as Specified in its Charter)

Louisiana

001-32360

72-0717400

(State or other
Jurisdiction of
Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1925 W. Field Court, Suite 300
Lake Forest, Illinois 60045

(Address of principal executive offices)

(847) 279-6100
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.02 Termination of a Material Definitive Agreement.

Effective June 17, 2011, Akorn, Inc. (the “Company”) elected to early terminate its $10 million revolving Credit Agreement (the “Credit Agreement”) with EJ Funds LP (“EJ Funds”), a company controlled by John N. Kapoor, Ph.D., Chairman of the Company’s Board of Directors. The Credit Agreement was originally entered into with GE Capital on January 7, 2009 and was assigned to EJ Funds on March 31, 2009. The scheduled termination date of the Credit Agreement was January 7, 2013. Under the terms of the Credit Agreement, the Company could borrow up to $10 million in cash from EJ Funds, subject to borrowing base requirements and other covenants, at a fixed interest rate of 10% per annum. The Company had not borrowed against the Credit Agreement since repaying its outstanding balance in the first quarter of 2010.

Upon terminating the Credit Agreement, the Company expensed the remaining unamortized deferred financing costs related to the Credit agreement. As of March 31, 2011, the unamortized deferred financing costs related to the Credit Agreement were equal to $1,352,000. The Company incurred no fees or penalties related to its early termination of the Credit Agreement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

		Akorn, Inc.


		By:	/s/ Timothy A. Dick
			Timothy A. Dick
			Chief Financial Officer

Date:	June 20, 2011