Add Unsecured Bondholders to the Baggy List
For the last three trading sessions, investors in Concordia International CorpCXRX 2.04% have been struggling to find some news. Since Monday, the stock has quietly lost nearly 30 percent of its value.
The Benzinga news desk may have uncovered the answer.
In a letter dated November 7, 2016 that was obtained by Benzinga, noteholders counseled by Akin Gump Strauss Hauer & Feld LLP laid out five reasons to be concerned with Concordia's operations and business.
"There can be no dispute that Concordia is in dire financial straits," the letter said."...it appears that the Company now faces a perfect storm of events that requires the Company to pursue a material financial restructuring and deleveraging transaction in the near term....