The company announced March 6, 2017, it would be pushing back the due date on its long-term debt causing stocks to drop drastically.
Here’s what you should know.
1. Trading was at its lowest when Valeant dropped to $11.39 per share at 10:18 a.m. on March 7, 2017, just $0.03 off of the company’s 52-week low of $11.36.
2. Trading rebounded slightly at market open on March 8, 2017, hitting $11.71 per share.
3. Valeant closed its $1.1 billion deal with Île-de-France-based L’Oreal earlier in the week. The debt pushback news depressed any gains made from that transaction, The Post reports.
4. Dennis Maris of Wells Fargo said in a release, “We consider Valeant’s refinancing as a last attempt to salvage the company from what we would consider a likely default and restructuring.”
5. Irina Koffler, an analyst with Mizuho Securities USA said Valeant may have no other option than to restructure.
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