News & Insights

Cases & Deals

July 3, 2020

Athyrium Capital Management Completes Out-of-Court Restructuring of Senior Secured Notes Issued by VIVUS, Inc.


King & Spalding represented funds managed by Athyrium Capital Management in the restructuring of $110 million of senior secured notes issued by VIVUS, Inc., a pharmaceutical company. Beginning in fall of 2019, K&S negotiated a substantial amendment of the senior secured indenture that included a $55 million paydown, and in the following months negotiated a proposed in-court restructuring with Carl Icahn and the company that resulted in the transfer of the senior notes to Carl Icahn for payment in full of Athyrium’s debt immediately prior to VIVUS’s bankruptcy filing and the proposed acquisition of VIVUS by Carl Icahn.