OAKVILLE, ON, Dec. 15, 2017 /PRNewswire/ - Concordia
International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX)
(TSX: CXR), an international specialty pharmaceutical company
focused on becoming a leader in European specialty, off-patent
medicines, today announced that at the request of the Investment
Industry Regulatory Organization of Canada ("IIROC"), the Company is confirming
that it is unaware at this time of any material change in its
operations that would account for the recent increase in market
activity.
Capital Structure Realignment Update
As previously announced, the Company commenced proceedings under
the Canada Business Corporations Act (the "CBCA") in an
effort to realign its capital structure. The Company continues to
advance ongoing discussions with its debtholders in this effort,
and is focused on realigning its capital structure on a consensual
basis.
In connection with the Company's efforts to advance a potential
recapitalization transaction, the Company has determined to defer
the payment of the approximately $37.5
million of interest due today on its 9.5% senior unsecured
notes. Such deferral of the interest payment does not result
in an Event of Default until the expiry of the 30-day grace period,
and any default or Event of Default in respect of the non-payment
of the foregoing interest amount is subject to the stay of
proceedings granted in the Company's CBCA proceedings. It is
expected that the foregoing interest payment will be addressed as
part of any recapitalization transaction that may be completed by
the Company.
About Concordia
Concordia is an international specialty pharmaceutical company
with a diversified portfolio of more than 200 patented and
off-patent products, and sales in more than 90 countries. Going
forward, the Company is focused on becoming a leader in European
specialty, off-patent medicines.
Concordia operates out of facilities in Oakville, Ontario and, through its
subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
Notice regarding forward-looking statements and
information
This press release includes forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of Canadian securities laws, regarding Concordia and its
business, which may include, but are not limited to statements
relating to Concordia's focus on realigning its capital structure
on a consensual basis, discussions with Concordia's lenders and
their advisors with respect the proposed recapitalization
transaction, a proposed recapitalization transaction, the
completion of a proposed recapitalization transaction including
obtaining any necessary approvals and the expected timing thereof,
protection for the Company and its subsidiaries against defaults
and any related steps or actions under CBCA proceedings, the
deferred interest payment being addressed as part of any
recapitalization transaction that may be completed by Concordia and
Concordia becoming a leader in European specialty, off-patent
medicines. Often, but not always, forward-looking statements and
forward-looking information can be identified by the use of words
such as "plans", "is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative and grammatical variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Such statements are based on the current expectations of
Concordia's management, and are based on assumptions and subject to
risks and uncertainties. Although Concordia's management believes
that the assumptions underlying these statements are reasonable,
they may prove to be incorrect. The forward-looking events and
circumstances discussed in this press release may not occur by
certain specified dates or at all and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting Concordia, including risks associated with Concordia's
securities, the inability to negotiate with Concordia's lenders,
risks associated with a proposed recapitalization transaction
including the inability to complete a proposed recapitalization
transaction or complete a proposed recapitalization transaction in
a timely or efficient manner, the inability to reach a consensual
transaction with holders of the Company's debt, the CBCA process
not providing the protection sought by Concordia, third parties not
complying with the CBCA order and taking steps against Concordia
and its subsidiaries, the inability to address deferred payments as
part of any recapitalization transaction, risks associated with
developing new product indications, increased indebtedness and
leverage, the inability to generate cash flows, revenues and/or
stable margins, the inability to grow organically, the inability to
repay debt and/or satisfy future obligations, risks associated with
Concordia's outstanding debt, risks associated with the geographic
markets in which Concordia operates and/or distributes its
products, risks associated with fluctuations in exchange rates
(including, without limitation, fluctuations in currencies), risks
associated with the use of Concordia's products to treat certain
diseases, the pharmaceutical industry and the regulation thereof,
regulatory investigations, the failure to comply with applicable
laws, risks relating to distribution arrangements, possible failure
to realize the anticipated benefits of acquisitions and/or product
launches, risks associated with the integration of assets and
businesses into Concordia's business, product launches, the
inability to launch products, the fact that historical and
projected financial information may not be representative of
Concordia's future results, the failure to obtain regulatory
approvals, economic factors, market conditions, acquisition
opportunities, risks associated with the acquisition and/or launch
of pharmaceutical products, risks regarding clinical trials and/or
patient enrolment into clinical trials, the equity and debt markets
generally, risks associated with growth and competition (including,
without limitation, with respect to Concordia's niche, hard-to-make
products), general economic and stock market conditions, risks
associated with the United
Kingdom's exit from the European Union (including, without
limitation, risks associated with regulatory changes in the
pharmaceutical industry, changes in cross-border tariff and cost
structures and the loss of access to the European Union global
trade markets), risks related to patent infringement actions, the
loss of intellectual property rights, risks and uncertainties
detailed from time to time in Concordia's filings with the
Securities and Exchange Commission and the Canadian Securities
Administrators and many other factors beyond the control of
Concordia. Although Concordia has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements and forward-looking information, there
may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended. No
forward-looking statement or forward-looking information can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements and forward-looking information speak
only as of the date on which they are made and Concordia undertakes
no obligation to publicly update or revise any forward-looking
statement or forward-looking information, whether as a result of
new information, future events, or otherwise.
SOURCE Concordia International Corp.