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Concordia International Corp Announces Appointment of Receiver
OAKVILLE, January 13, 2017 - Concordia International Corp (TSX: CXR, NASDAQ: CXRX) ("Concordia International Corp" or the "Company") announces that the Superior Court of Justice Ontario has granted the application of the Company's syndicate lenders, to appoint *** Canada Inc. (the "Receiver") as receiver and manager over the assets, undertakings and property of Concordia International Corp. The Receiver is charged with managing the day to day affairs of the Company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of Concordia International Corp.
Effective upon the appointment of the Receiver, all of the Company's directors have resigned as directors of the Company. Mr. Allan Oberman has stepped down as Chairman & CEO of the Company and has entered into a consulting arrangement with the Receiver, to provide certain services as requested.
Reader Advisory
Certain information set forth in this news release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expects", "believes", "will" and similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements, including but not limited to statements regarding: the anticipated date of the lenders' application to appoint a receiver, the identity of the receiver, the expectation that all directors will resign upon the appointment of a receiver and the pending de-listing of the Company's securities on the TSX and NASDAQ. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond The Company's control, including the intentions of Concordia International Corp's lenders, the granting of the lenders' applications by the Court of Queen's Bench; the timing of the de-listing of Concordia International Corp's securities; and the timing of the resignation of the directors of Concordia International Corp The foregoing list is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Concordia International Corp could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Concordia International Corp will derive therefrom. Concordia International Corp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.