8-K

UNITED STATES

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 of 1934

Date of Report (Date of earliest event Reported): August 28, 2020

Akorn, Inc.

(Exact Name of Registrant as Specified in Charter)

Louisiana	001-32360	72-0717400
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

1925 W. FIELD COURT, SUITE 300, LAKE FOREST, Illinois 60045

(Address of Principal Executive Offices) (Zip Code)

(847) 279-6100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

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:

¨ 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, No Par Value	AKRXQ(1)	(1)

(1) On June 9, 2020, the NASDAQ Stock Market filed a Form 25 with the Securities and Exchange Commission to delist the common stock, no par value, of Akorn, Inc. (the “common stock”) from the NASDAQ Global Select Market. The delisting will be effective 10 days after the Form 25 was filed. The deregistration of the common stock under Section 12(b) of the Securities Exchange Act of 1934 will be effective 90 days, or such shorter period as the Securities and Exchange Commission may determine, after filing of the Form 25. Following deregistration of the common stock under Section 12(b) of the Securities Exchange Act of 1934, the common stock shall remain registered under Section 12(g) of the Securities Exchange Act of 1934. Trading of Akorn’s common stock now occurs on the OTC Pink Market under the symbol “AKRXQ.”

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

As previously disclosed, on May 20, 2020, Akorn, Inc. (the “Company”) and its U.S. direct and indirect subsidiaries filed voluntary petitions under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). 

On August 28, 2020, the Company filed a monthly operating report with the Bankruptcy Court for the period from July 1, 2020 to July 31, 2020 (the “Monthly Operating Report”), a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K (“Current Report”) and is incorporated by reference herein. This Current Report (including exhibits hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD. The Monthly Operating Reports and other filings with the Bankruptcy Court related to the Chapter 11 Cases may be available electronically at www.akorn-forward.com.

The information being furnished under this Item 7.01, including Exhibit 99.1, of this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Cautionary Statement Concerning the Monthly Operating Report and Forward-Looking Statements

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws or rules, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial conditions or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

Furthermore, this Current Report and the exhibit hereto may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this filing that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements and are based on management’s current expectations, beliefs, assumptions and estimates. The Company’s actual results may differ materially and adversely from those expressed or implied in the forward-looking statements as a result of the risk factors and cautionary language described from time to time in the Company’s most recent Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q and the Company’s Current Reports on Form 8-K, including those risk factors associated with the Chapter 11 Cases. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so.

Item 9.01   Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	Monthly Operating Report for the period from July 1, 2020 to July 31, 2020, filed with the United States Bankruptcy Court for the District of Delaware

SIGNATURE 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Akorn, Inc.
Date:  August 28, 2020	By:	/s/  Duane A. Portwood
		Duane A. Portwood
		Chief Financial Officer

EX-99.1

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re Akorn, Inc., et al.	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 1, 2020 - July 31, 2020

MONTHLY OPERATING REPORT

Submit copy of report to any official committee appointed in the case.

		Document	Explanation	Affidavit/Supplement
REQUIRED DOCUMENTS	Form No.	Attached	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliations)	MOR-1a	X	See Attestation	X
Schedule of Professional Fees Paid	MOR-1b	X
Copies of bank statements			X
Cash disbursements journals			X
Statement of Operations	MOR-2	X
Balance Sheet	MOR-3	X
Status of Postpetition Taxes	MOR-4	X	See Attestation	X
Copies of IRS Form 6123 or payment receipt			X
Copies of tax returns filed during reporting period			X
Summary of Unpaid Postpetition Debts	MOR-4	X	X
Listing of aged accounts payable	MOR-4	X
Accounts Receivable Reconciliation and Aging	MOR-5	X
Debtor Questionnaire	MOR-5	X

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

Signature of Debtor	Date
Signature of Joint Debtor	Date
/s/ Duane Portwood	August 28, 2020
Signature of Authorized Individual*	Date
Duane Portwood	Chief Financial Officer
Printed Name of Authorized Individual	Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

MOR Page 1 of 12

In re Akorn, Inc., et al.	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 1, 2020 - July 31, 2020

Notes to the Monthly Operating Report

General:
The report includes activity from the following Debtors and related Case Numbers:

Debtors	Case Number	Debtors	Case Number
Akorn, Inc.	Case 20-11177	Covenant Pharma, Inc.	Case 20-11188
10 Edison Street LLC	Case 20-11178	Hi-Tech Pharmacal Co., Inc.	Case 20-11189
13 Edison Street LLC	Case 20-11180	Inspire Pharmaceuticals, Inc.	Case 20-11190
Advanced Vision Research, Inc.	Case 20-11182	Oak Pharmaceuticals, Inc.	Case 20-11192
Akorn (New Jersey), Inc.	Case 20-11183	Olta Pharmaceuticals Corp.	Case 20-11191
Akorn Animal Health, Inc.	Case 20-11185	VersaPharm Incorporated	Case 20-11194
Akorn Ophthalmics, Inc.	Case 20-11186	VPI Holdings Corp.	Case 20-11193
Akorn Sales, Inc.	Case 20-11174	VPI Holdings Sub, LLC	Case 20-11195
Clover Pharmaceuticals Corp.	Case 20-11187

Notes to the MOR:

This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the bankruptcy cases and is in a format acceptable to the U.S. Trustee. The financial information contained herein is unaudited, limited in scope and as discussed below, is not prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) nor in accordance with federal or state securities laws or other applicable non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder.

The unaudited financial statements have been derived from the books and records of the Debtors. The information furnished in this report includes primarily normal recurring adjustments, but not all the adjustments that would typically be made for the quarterly and annual financial statements to be in accordance with U.S. GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that Akorn, Inc., and related Debtors apply in the preparation of its quarterly and annual financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, the Debtors believe that the financial information may be subject to change, and these changes could be material.

The financial statements presented in MOR-2 and MOR-3 do not include elimination entries for intercompany balances related to non-debtor affiliates. Investments in subsidiary balances are recorded at cost which may not be in accordance with U.S. GAAP. The amounts currently classified as liabilities subject to compromise may be subject to future change as the Company completes its analysis of prepetition liabilities.

The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the results of consolidated operations, financial position and cash flows of the Debtors in the future. The Debtors caution readers not to place undue reliance upon the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.

Notes to MOR-1a:

The Debtors maintain 6 total bank accounts (collectively, the “Bank Accounts”) at two financial institutions (the “Banks”). The Bank Accounts vary in purpose and function.

Notes to MOR-2:

The Income Statement reflects revenue and expenses for the Month of July, 2020 on a consolidated basis for the US Debtor entities.

Notes to MOR-3:

The Balance Sheet reflects assets, liabilities, and stockholders equity on a consolidated basis for the US Debtor entities.

As a result of the commencement of these Chapter 11 Cases, the payment of pre-petition indebtedness is subject to compromise or other treatment under a Chapter 11 plan. The Bankruptcy Court authorized the Debtors to pay certain prepetition claims, including but not limited to general trade and tax claims. To the extent such claims have been categorized as “Liabilities Not Subject to Compromise,” the Debtors reserve their right to dispute their obligation to make such payments. The Debtors have been paying and intend to continue to pay undisputed post-petition claims arising in the ordinary course of business.

The liability information, except as otherwise noted, is listed as of the close of business as of the end of the month. Accordingly, the Debtors reserve all rights to amend, supplement or otherwise modify this Monthly Operating Report as necessary and appropriate, but shall be under no obligation to do so. The Debtors have paid certain prepetition liabilities in accordance with orders approved by the Bankruptcy Court authorizing such payments. The Debtors believe that all undisputed post-petition accounts payable have been and are being paid according to agreed-upon terms specific to each vendor and/or service provider and as authorized by the Bankruptcy Court. Payments are limited to payments made to vendors and service providers who provide services that are necessary to the operation of the Debtors’ business. In addition, the liabilities reported in this Monthly Operating Report do not reflect any analysis conducted by the Debtors regarding potential claims under section 503(b)(9) of the Bankruptcy Code. Accordingly, the Debtors reserve any and all of their rights to dispute or challenge the validity of any claims asserted under section 503(b)(9) of the Bankruptcy Code or the characterization of the structure of any transaction, document or instrument related to any creditor’s claim.

Notes to MOR-4:

Akorn, Inc., and related Debtors received authority pursuant to certain first-day orders for the payment of prepetition taxes and certain other prepetition liabilities. The Debtors are current on all post petition payables other than disputes that arise in the ordinary course of business. While an accounts payable aging is presented for trade accounts payable, all other post-petition liabilities are current and presented as such on MOR 3.

Notes to MOR-5:

The Debtors reconcile and age individual customer accounts receivables in the normal course of the Debtors' operations.

MOR Page 2 of 12

In re Akorn, Inc., et al.		MOR - 1
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 1, 2020 - July 31, 2020
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

Actual Cash Activity (7/1/2020-7/31/2020)
USD in 000s

Case No.	20-11177	20-11182	20-11183	20-11189	20-11178	20-11180	20-11185	20-11186	20-11174	20-11187	20-11188	20-11190	20-11192	20-11191	20-11194	20-11193	20-11195
Debtor Entity Names	Akorn, Inc.	Advanced Vision Research, Inc.	Akorn (New Jersey), Inc.	Hi-Tech Pharmacal Co., Inc.	10 Edison Street LLC	13 Edison Street LLC	Akorn Animal Health, Inc.	Akorn Ophthalmics, Inc.	Akorn Sales, Inc.	Clover Pharmaceuticals Corp.	Covenant Pharma, Inc.	Inspire Pharmaceuticals, Inc.	Oak Pharmaceuticals, Inc.	Olta Pharmaceuticals Corp.	VersaPharm Incorporated	VPI Holdings Corp.	VPI Holdings Sub, LLC	Total
RECEIPT
Net Customer Receipts	39,893	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	39,893
Other Receipts	4	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4
Total Receipts	39,897	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	39,897
OPERATING DISBURSEMENTS
Royalties	-	-	-	313	-	-	-	-	-	-	-	-	-	-	-	-	-	313
Payroll	10,487	-	2,461	3,379	-	-	-	-	1,043	-	-	-	-	-	-	-	-	17,370
Vendor Payments	27,369	67	2,304	6,561	-	-	-	-	-	-	-	-	-	-	-	-	-	36,301
Capex	483	-	214	61	-	-	-	-	-	-	-	-	-	-	-	-	-	757
Taxes	250	-	-	-	-	-	-	-	17	-	-	-	-	-	-	-	-	267
Intercompany Trade	5,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,200
FDA Remediation	235	-	117	-	-	-	-	-	-	-	-	-	-	-	-	-	-	352
Total Operating Disbursements	44,023	67	5,096	10,314	-	-	-	-	1,060	-	-	-	-	-	-	-	-	60,560
NON-RECURRING
Professional Fees (Financial & Legal)1	895	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	895
Interest Payments and Fees	10,512	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	217
Intercompany Funding	217	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,512
Total Non-recurring Disbursements	11,625	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,625
Total Disbursements	55,648	67	5,096	10,314	-	-	-	-	1,060	-	-	-	-	-	-	-	-	72,185
US TRUSTEE FEE CALCULATIONS ($)
US Trustee Fees	250,000	650	50,958	103,143	375	375	375	375	10,600	375	375	375	375	375	375	375	375	419,851

Note

[1] Includes fees for both retained and non-retained professionals.

MOR Page 3 of 12

In re Akorn, Inc., et al.		MOR - 1a
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 31, 2020
BANK ACCOUNT INFORMATION
Whole Values

Legal Entity	Bank	Last 4 Digit of Account Number	Description	Bank Balance
Akorn, Inc.	Bank of America	8391	Collections and Concentration	29,201,964
Akorn, Inc.	Bank of America	6603	Operating Disbursements	30,078
Akorn, Inc.	Bank of America	0893	Payroll Disbursements	52,200
Akorn, Inc.	Bank of America	8409	Treasury Activity	37,564
Akorn, Inc.	Bank of America	8878	Utilities Adequate Assurance Account	362,526
Akorn, Inc.	Wilmington Savings Fund Society Bank	4323	Debtor in Possession / DACA	25,211,626

MOR Page 4 of 12

In re Akorn, Inc., et al.		MOR - 1a
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 31, 2020

BANK RECONCILIATION  

The above-captioned debtors (the "Debtors") hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank statements, journals, and account reconciliations.

I attest that each of the Debtors' bank accounts is reconciled to bank statements. The Debtors' standard practice is to ensure that each bank account is reconciled to bank statements once per month within 31 days after the month end.

/s/ Duane Portwood	August 28, 2020
Signature of Authorized Individual*	Date
Duane Portwood	Chief Financial Officer
Printed Name of Authorized Individual	Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.  

MOR Page 5 of 12

In re Akorn, Inc., et al.		MOR - 1b
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 31, 2020

SCHEDULE OF RETAINED PROFESSIONAL FEES PAID

		Amount Paid				Cumulative Payments Since Filing
Payee	Role of Professional		Fees		Expenses		Fees		Expenses
KIRKLAND & ELLIS LLP	DEBTORS' COUNSEL	$	-	$	-	$	-	$	-
RICHARDS LAYTON & FINGER	DEBTORS' COUNSEL	$	-	$	-	$	-	$	-
PJT PARTNERS	DEBTORS' INVESTMENT BANKER	$	-	$	-	$	-	$	-
PRICEWATERHOUSECOOPERS CORPORATE FINANCE LLC	DEBTORS' INVESTMENT BANKER	$	-	$	-	$	-	$	-
ALIXPARTNERS LLP	DEBTORS' FINANCIAL ADVISOR	$	-	$	-	$	-	$	-
GRANT THORNTON LLP	DEBTORS' FINANCIAL ADVISOR	$	-	$	-	$	-	$	-
KURTZMAN CARSON CONSULTANTS INC1	DEBTORS' ADMINISTRATIVE ADVISOR	$	53,226	$	31,557	$	53,226	$	31,557
JENNER & BLOCK	COMMITTEE COUNSEL	$	-	$	-	$	-	$	-
SAUL EWING ARNSTEIN & LEHR	COMMITTEE COUNSEL	$	-	$	-	$	-	$	-
HURON CONSULTING GROUP	COMMITTEE FINANCIAL ADVISOR	$	-	$	-	$	-	$	-

Note:

[1] Payments to Kurtzman Carson Consultants LLC (“KCC”), as disclosed herein, include amounts paid to KCC pursuant to the Order Authorizing Retention and Appointment of Kurtzman Carson Consultants LLC as Claims and Noticing Agent [Docket No. 76]

MOR Page 6 of 12

In re Akorn, Inc., et al.		MOR - 2
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 31, 2020

UNAUDITED

STATEMENT OF OPERATIONS (INCOME STATEMENT)

(Units in 000's)

	Consolidated
Net Revenue		41,293
COGS		27,508
Gross Profit		13,785
SG&A		15,958
Research & Development		3,312
Amortization of Intangibles		2,051
Goodwill Impairment		-
Impairment of intangibles		-
Litigation (Gain) Loss		-
Operating Income		(7,536	)
Interest expense, net		11,520
Deferred Financing Costs		-
Other		(32	)
Bankruptcy		3,183
Income Tax		-
Net Income		(22,207	)

Note: 

The numbers presented above should be viewed in conjunction with the notes at the beginning of the MOR.

MOR Page 7 of 12

In re Akorn, Inc., et al.		MOR - 3
Debtors	Case No. (Jointly Administered):	20-11177
	Balance as of:	July 31, 2020

UNAUDITED

BALANCE SHEET

(Units in 000's)
	Consolidated
Assets:
Cash		46,753
Accounts Receivable		136,988
Accounts Receivable (intercompany)		1,527
Inventory		178,684
Other		79,153
Other (Intercompany Loan - HETT)		1,830
Current Assets		444,935
PP&E, Net		216,765
Goodwill		-
Product License Rights		201,056
Other		30,819
Long-term Assets		233,040
Total Assets		1,126,615
Liabilities:
Liabilities Subject to Compromise		74,867
Accounts Payable		29,451
Accounts Payable (Intercompany)		1,364
Income Taxes Payable		(10	)
Accrued Royalties		2,871
Accrued Compensation		14,904
Other Current Liabilities		82,243
Current Portion of LTD		855,781
Current Liabilities		986,604
Long-term Debt
Other		2,741
Long-term Liabilities		2,741
Total Liabilities		1,064,212
Shareholders' Equity:
Common Stock		608,829
Retained Earnings		(546,389	)
Accumulated Other Comprehensive Loss		(37	)
Total Shareholders' Equity		62,403
Liabilities & Shareholders' Equity:		1,126,615

Note:

The numbers presented above should be viewed in conjunction with the notes at the beginning of the MOR.

MOR Page 8 of 12

In re Akorn, Inc., et al.		MOR - 4
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 31, 2020

STATUS OF POST-PETITION TAXES

The above-captioned debtors (the "Debtors") hereby submit this attestation regarding Status of Post-petition Taxes in lieu of providing copies of post-petition tax payments and tax returns filed during reporting period.

I attest that each of the Debtors' taxing authorities have been paid on time when post-petition amounts become due. Also, tax returns are being filed in an orderly and timely fashion in accordance with tax return reporting deadlines. 

/s/ Duane Portwood	August 28, 2020
Signature of Authorized Individual*	Date
Duane Portwood	Chief Financial Officer
Printed Name of Authorized Individual	Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor

is a partnership; a manager or member if debtor is a limited liability company.

MOR Page 9 of 12

In re Akorn, Inc., et al.		MOR - 4
Debtors	Case No. (Jointly Administered):	20-11177
	Balance as of:	July 31, 2020

ACCOUNTS PAYABLE AGING

As of July 31, 2020		Current			0-30 Days			31 - 60 Days			61 - 90 Days			>90 Days			Total
Accounts Payables	$	25,461,806		$	1,673,878		$	285,397		$	1,586,625		$	443,294		$	29,451,000
Percentage of Total		66	%		14	%		2	%		14	%		4	%		100	%

MOR Page 10 of 12

In re Akorn, Inc., et al.		MOR - 5
Debtors	Case No. (Jointly Administered):	20-11177
	Balance as of:	July 31, 2020
ACCOUNTS RECEIVABLE AGING AND RECONCILIATION

As of July 31, 2020	Current			0-30 Days			31 - 60 Days			61 - 90 Days			> 90 Days			Total
Gross Accounts Receivables	$	216,189,160		$	15,684,175		$	113,435,175		$	21,082,273		$	12,804,615		$	379,195,398
Percentage of Total		57	%		4	%		30	%		6	%		3	%		100	%

Gross to Net Accounts Receivable as of July 31, 2020	Amount
Total Gross Accounts Receivable at the end of the reporting period		379,195,398
- Reserves for: Chargebacks, Rebates, Other		(242,207,432	)
Total Net Accounts Receivable at the end of the reporting period		136,987,965

MOR Page 11 of 12

In re Akorn, Inc., et al.		MOR - 6
Debtors	Case No. (Jointly Administered):	20-11177
	Reporting Period:	July 1, 2020 - July 31, 2020
DEBTORS QUESTIONNAIRE

Must be completed each month		Yes	No
1.	Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below.		X
2.	Have any funds been disbursed from any account other than a debtor in possession account this reporting period?  If yes, provide an explanation below.		X
3.	Have all postpetition tax returns been timely filed?  If no, provide an explanation  below.	X
4.	Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, provide an explanation below.	X
5.	Has any bank account been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.		X

MOR Page 12 of 12

XML

Cover	Aug. 28, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 28, 2020
Entity File Number	001-32360
Entity Registrant Name	Akorn, Inc.
Entity Central Index Key	0000003116
Entity Tax Identification Number	72-0717400
Entity Incorporation, State or Country Code	LA
Entity Address, Address Line One	1925 W. FIELD COURT
Entity Address, Address Line Two	SUITE 300
Entity Address, City or Town	LAKE FOREST
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	279-6100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	AKRXQ
Entity Emerging Growth Company	false