| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Molecular Insight Pharmaceuticals, Inc. > News item |
Molecular Insight bondholders extend waiver amid restructuring talks
By Caroline Salls
Pittsburgh, Aug. 2 - Molecular Insight Pharmaceuticals, Inc. has received a sixth extension of its waiver agreement with its bondholders to allow debt restructuring discussions to progress, according to a company news release.
The waiver has been extended to 11:59 p.m. ET on Aug. 16 from 12:01 a.m. ET on Aug. 2.
During this time, the company expects to continue discussions with its bondholders regarding the key terms of a potential restructuring of its outstanding debt.
Specifically, the company is considering deleveraging through a debt-for-equity exchange. Molecular Insight noted there are no assurances, however, that such discussions will be successful.
Earlier this year, Molecular Insight executed waiver agreements and subsequent amendments with holders of its outstanding senior secured bonds and the bond indenture trustee and announced ongoing discussions with the bondholders concerning a restructuring of $194 million of outstanding debt.
Under the sixth extension, the bondholders and trustee have once more agreed to extend the waiver of a default arising from the inclusion of a going-concern explanatory paragraph in the independent auditor's report on the company's financial statements for the year ended Dec. 31, 2009 and other technical defaults.
Molecular Insight previously said that if the waiver expires and the company's debt obligations are accelerated or are not restructured, it will most likely be unable to repay the debt obligations and may file for bankruptcy.
Molecular Insight is a Cambridge, Mass.-based biopharmaceutical company focused on molecular medicine.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.