October 20, 2017 / 2:04 PM / a year ago

BRIEF-Concordia International seeks to realign capital structure under CBCA

Oct 20 (Reuters) - Concordia International Corp :

* Concordia International Corp. takes next step to realign its capital structure by commencing proceedings under the Canada Business Corporations Act

* Seeking to reduce its existing secured and unsecured debt obligations by more than $2 billion​

* Intends to continue operating its business as usual during CBCA proceedings​

* Company had approximately $340 million of cash on hand as of September 30, 2017​

* Some ‍payments owed to unsecured lenders will not be paid as scheduled & are expected to be addressed as part of recapitalization

* Proposed recapitalization transaction may result in dilution of outstanding common shares of company​

* It is commencing a court proceeding under Canada Business Corporations Act​

* Under CBCA process, Concordia’s management will continue to lead day-to-day operations​ Source text for Eikon: Further company coverage:

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