the grace periodThe deferral of the interest payment does not result in an Event of Default until the expiry of the 30-day grace period as the company has decided to use this period to defer the payment of approximately $26 million of interest due today on its $735 million unsecured notes. The Company will use this time to continue its discussions with lenders with the goal of reaching a consensual agreement that would significantly reduce the Company's debt and interest payments to create a financial foundation able to support Concordia's long-term growth, in other words, turn the debt into equity through a conversion. The resulting dillution of the floating shares will reduce expected values in the short term but will rectify favorably the current state of the company in the long term. This move comes shortly before the general raise of the interest rates which is expected to affect adversly debt loaden companies starting 2018.