Aceto secures bankruptcy court approval to sell chemicals business

By Caroline Salls

Pittsburgh, April 16 – Aceto Corp. obtained court approval of the sale of its chemicals business assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, Aceto entered into a stalking horse asset purchase agreement with an affiliate of New Mountain Capital to sell its chemicals business assets.

According to the asset purchase agreement included with the sale order, the New Mountain affiliate has agreed to pay $332.44 million in cash, plus the amount, if any, by which net current assets exceeds $112.41 million, minus any amount by which net current assets are less than that amount, minus net debt.

The buyer has also agreed to pay cure costs and assume liabilities related to the chemical business assets.

Aceto is a Port Washington, N.Y.-based developer, marketer, seller and distributor of human health products, pharmaceutical ingredients and performance chemicals. The company filed bankruptcy on Feb. 19 under Chapter 11 case number 19-13448.

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