Tuesday, June 09, 2009 5:42:37 PM
9-Jun-2009
Costs Associated with Exit or Disposal Activities, Other Events, Financial Statements
Item 2.05 Costs Associated with Exit or Disposal Activities.
On June 3, 2009, management of Adolor Corporation (the "Registrant"), upon the approval of the Board of Directors of the Registrant, announced a restructuring and reduction in force (the "Restructuring") of approximately 45 employees, or 28% of its workforce, as well as other cost saving initiatives intended to lower the Registrant's annualized net operating cash burn. The Restructuring has been completed as of June 3, 2009.
The Registrant has determined that the total costs related to the Restructuring are estimated to be up to approximately $6.0 million, of which approximately $2.5 million will result in future cash outlays primarily related to severance costs and related expenses. The remaining costs are expected to be non-cash charges associated with the write-off of certain leasehold improvements and fixed assets, among other things. The Registrant expects to record these charges in the second quarter of 2009 in accordance with Statement of Financial Accounting Standards No. 146, Accounting for Costs Associated with Exit or Disposal Activities, and Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.
Item 8.01 Other Events.
On June 3, 2009, the Registrant issued a press release announcing the Restructuring. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM