This is a joke right?
Concordia Int'l defers portion of Cinven earn-out
2016-10-03 09:31 ET - News Release
Mr. Mark Thompson reports
CONCORDIA INTERNATIONAL EXERCISES OPTION TO DEFER PORTION OF EARN-OUT AND PROVIDES UPDATE ON STRATEGIC REVIEW
Concordia International Corp., together with its subsidiaries, has exercised an option to defer half of the anticipated 144-million-British-pound earn-out obligation due to Cinven and the other sellers of Concordia's international segment to Feb. 1, 2017.
"Our decision to defer 72 million British pounds of the earn-out reflects Cinven's continued support for Concordia and provides the company with greater flexibility to manage its obligations," said Mark Thompson, chairman and chief executive officer of Concordia.
Concordia expects the first payment of 72 million British pounds will be paid to Cinven and the other sellers of Concordia's international segment on or about Dec. 19, 2016, followed by a payment of approximately 73.4 million British pounds (which includes a financing charge of up to 1.4 million British pounds) on or before Feb. 1, 2017. Concordia intends to use cash on hand generated by its international segment to make the first payment of 72 million British pounds.
Update on review of strategic alternatives
The company continues to evaluate its strategic alternatives, including, but not limited to, various capital markets financing options. There can be no assurance that any transaction will occur. Concordia does not intend to make any additional comments at this time regarding various strategic alternatives potentially available to the company.
About Concordia
The company has an international footprint with pharmaceutical sales in more than 100 countries and has a diversified portfolio of more than 200 established, off-patent molecules that make up more than 1,300 SKUs (stock-keeping units). Concordia also markets orphan drugs through its orphan drugs division, consisting of Photofrin for the treatment of certain rare forms of cancer, which is currently undergoing testing for potential new indications.
Concordia operates out of facilities in Oakville, Ont.; Bridgetown, Barbados; London, England; and Mumbai, India.