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.
More articles on gastroenterology/endoscopy:
Emory Healthcare clinic reports appointment system hack: 4 fast facts
61% of Americans against Medicaid expansion cuts — 5 poll takeaways
Why humility is critical to leadership — 5 insights
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
