ACETO Corporation (NYSE: ACTO) is a global company that provides chemicals and materials to many industries. Its products are used in the food, cosmetic, paint and coatings, pharmaceutical, paper and industrial manufacturing sectors. It provides high-performance amine curatives, high performance specialty additives, Performance Chemicals, pharmaceutical intermediates, agricultural protection products, and nutraceuticals. The Company also provides regulatory support for the industry.
The Company is primarily engaged in the marketing, sale and development of generic pharmaceuticals and nutraceuticals, as well as in the sales of pharmaceutical intermediates and agricultural protection products. It is also engaged in the sale of biochemicals used in pharmaceutical preparations.
Aceto’s Board of Directors determined that the company was not able to continue to operate its business in ordinary course under the current financial conditions. Consequently, it initiated voluntary petitions for bankruptcy under Section 363 of the U.S. Bankruptcy Code.
Aceto has received a commitment for $60 million in debtor-in-possession financing. This financing will provide the Company with the working capital it needs to continue to operate its business while it sells its Rising Pharmaceuticals.
Aceto’s forward-looking statements include statements regarding the projected operating results and projected benefits from acquisitions. These statements are based on current management expectations and are subject to safe-harbor provisions. However, there are a number of factors that could affect the Company’s actual results or financial condition. Some of these factors include, but are not limited to, the Company’s ability to complete the bankruptcy sale process, the Company’s ability to operate its business in ordinary course while selling its Rising Pharmaceuticals, the Company’s ability to comply with the terms of the bankruptcy plan, and the Company’s ability to obtain Court approval of the plan of liquidation.
