ENZN · Enzon Pharmaceuticals, Inc.

The Seventh Amendment provides Viskase Companies with a one-year extension of its credit facility maturity from August 13, 2026 to August 13, 2027, offering critical additional runway for debt management. This comes at the cost of higher interest rates across loan types—revolving loans and letters of credit now at 4.0% (up from 3.0%), and term loans at 3.0% (up from 2.0%)—increasing borrowing expenses. The amendment also pays a $682,000 fee, fully earned and non-refundable upon effectiveness. Key flexibilities include revised Consolidated EBITDA to account for restructuring costs, permission to dispose of specific assets like the Osceola Facility equipment/real property and Chicago Property, and adjusted thresholds for covenants, defaults, and reporting. These changes suggest ongoing operational adjustments or restructuring efforts. The facility remains secured by most assets (excluding real property) and guaranteed by material subsidiaries, maintaining lender protections while providing the borrower negotiated relief. Effectiveness required board approvals, legal opinions, no defaults, and expense reimbursements, with all parties reaffirming obligations and releasing claims against lenders.