====Aceto (ACET) : initiates evaluation of strategic alternatives

Aceto initiates evaluation of strategic alternatives; is negotiating with its bank lenders a waiver of its credit agreement in light of the persistent adverse conditions in the generics market 

• Co is negotiating with its bank lenders a waiver of its credit agreement with respect to its total net leverage and debt service coverage financial covenants in the fiscal third quarter, and that thefinancial guidance issued on February 1, 2018, should no longer be relied upon. In addition, the Company anticipates recording non-cash intangible asset impairment charges, including goodwill, in the range of $230 million to $260 million on certain currently marketed and pipeline generic products as a result of continued intense competitive and pricing pressures.
• Board of Directors has taken several immediate and proactive steps to address these developments: To provide appropriate assurances to its lenders, to fortify the balance sheet and to preserve the Company's liquidity position, the Board anticipates a significant reduction of the Company's dividend going forward. The Board announced the appointment of Rebecca Roof as Interim CFO and the resignation of CFO Edward Borkowski, who has decided to pursue another opportunity. Ms. Roof is a highly experienced finance professional and a Managing Director at AlixPartners LLP.   The Board has named Director Alan Levin as Non-Executive Vice Chairman of the Board effective today.
• The Board is directing that the Company suspend providing further financial guidance for at least the balance of the fiscal year. The Board has initiated a process to identify and evaluate a range of strategic alternatives. Strategic alternatives to be considered may include the sale of a key business segment(s), a merger or other business combination with another party, continuing as a standalone entity or other potential alternatives.