Yes, Mr. Hulot,,,,, and that was year end -
..... and before the Cinven earnout payment and before two interest payment coupons on their bonds. (and another one is coming up as the First Secured interest coupon is due April 1st - Fool's Day). I can't even begin to guess how much their legal fees are for defending the Class Action suit in the states against the SEC violations and defending four company executives.
I am not arguing liquidity with you as you aren't even worth the time. They wouldn't be talking restructuring in the first half of the year and would have provided guidance if everything was rosey. It is far from rosy and there are better risk rewards out there in the world. My saying that they are not going bankrupt in the first half of the year that is the weakest bull thesis I have ever heard. So what if Oberman "believes" they can manage their business in the near term. Mark Thompson used the word "believes" all the time in conference calls and how did that turn out for him?
(Bloomberg) — Concordia International Corp.’s bonds slid for a second day after the Canadian drug company said it may restructure more than $3 billion of debt that it ran up during an acquisition spree.
Management is putting together a strategic plan during the first half of 2017 and evaluating options that could include a refinancing or restructuring of the company’s debt, Chief Financial Officer Ed Borkowski told investors Wednesday during a conference call to discuss fourth-quarter results that missed Wall Street estimates. Other avenues could include selling assets or raising capital from other sources, he said.
“I heard loud and clear and fully understand that Concordia has been through a very challenging year and those challenges have caused frustration for many stakeholders,” Allan Oberman, who took over as chief executive officer in November, said during the call. “I feel your pain.”
The Oakville, Ontario-based company’s 7 percent notes due in 2023 fell as much as 3.5 cents to a record low of 22 cents on the dollar at 11:30 a.m. in New York. That’s on top of Wednesday’s plunge of 8.5 cents, according to Trace, the bond- price reporting system of the Financial Industry Regulatory Authority.
Concordia, like its larger rival Valeant Pharmaceuticals International Inc., grew quickly by snapping up drug companies and products with borrowed money, swelling its debt by more than 10-fold in three years. And like Valeant, Concordia is being hobbled by slow growth and an investigation of its pricing policies. The company posted a $1.3 billion loss from continuing operations last year, the stock fell more than 90 percent in 12 months and S&P Global Ratings said Wednesday it may downgrade the company’s junk-rated debt again over the medium-term.
Concordia told investors in an annual regulatory filing Thursday that it expects to have enough cash over the next 12 months to run its business and pay its debts, it hasn’t violated any loan covenants and there aren’t any significant maturities until 2021. Nevertheless, the company “cannot currently provide any assurances with respect to its ability to refinance its long-term debt obligations when they become due,” and cutting debt may be necessary before then, according to the filing.