Debt Laden Concordia Said to Seek Restructuring Plan in Bid to Avoid Bankruptcy
Concordia International Corp., the drugmaker that won court protection from creditors last week as it negotiates a debt restructuring, is seeking to strike a deal to cut its debt load within the next few weeks.
The company had the consent of creditor advisers to pursue the court protection and will seek to reach an agreement within four weeks, according to a person with knowledge of the matter, who asked not to be identified because the talks are private. Options being explored include a debt exchange in which creditors would swap their obligations for equity or new debt. The company said last week it also hasn’t ruled out a filing under Chapter 11 in the U.S. or the Companies’ Creditors Arrangement Act, the closest Canadian equivalent to the American bankruptcy law.
"Debt Laden Concordia Said to Seek Restructuring Plan in Bid to Avoid Bankruptcy."
(24 October 2017):