Bondholders Lawyered Up; Longs should form Equity CommitteeCall it restructuring, nice word for Chapter 11 Bankruptcy Protection. Common shareholders will get fucccked, as usual in these situations.
From Atkin Gump Letter:
"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. According, by this letter, the Noteholders request that the Company engage immediately with the Noteholders to work constructively toward a restructuring transaction that will maximize value for all of the Company's stakeholders."