DUBLIN, Ireland, Feb. 07, 2019 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL) provided clarification regarding the restructuring actions announced earlier today.
- As part of the restructuring plan, Avadel Specialty Pharmaceuticals, LLC, a special purpose entity and wholly-owned subsidiary responsible solely for NOCTIVA-related activities, made a voluntary filing on February 6, 2019 under Chapter 11 of the United States Bankruptcy Code.Avadel Pharmaceuticals plc and other corporate entities remain solvent and substantially unaffected.
- The restructuring actions do not trigger a default or violate covenants related to the 4.50% Exchangeable Senior Notes due in 2023.
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