KV Pharmaceutical Co., which has been in bankruptcy condition, has announced that it has been taking steps to overcome the problem. The Bridgeton-based drug maker told that they have received $85 million in the form of finances and has also entered into a settlement deal with a Massachusetts company for the drug Makena.

While talking about the deal, the company officials said that the finance will help them to move towards the reorganization plan. Greg Divis, who is the chief executive of KV Pharmaceutical, said that they are going to file their reorganization plan with the U. S. Bankruptcy Court soon. If thing went as per the plans then they will file the case by next week. It has been found that the court has scheduled the hearing for December 26, 2012.

"This announcement is an important step in the company's plan to emerge from our restructuring as a stable and competitive enterprise", said Divis. He continued saying that a number of problems knocked their doors at one time.

To talk about its settlement deal with Hologic, KV's lawyers said that it was a needed effort. Without the deal, it would not have been possible for the company to move forth with restructuring plans.