PORT WASHINGTON, N.Y., April 30, 2019 (GLOBE NEWSWIRE) -- 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.