Endologix's stock plunges toward record low after bankruptcy filing [MarketWatch]
ENDOLOGIX (ELGX)
Last endologix earnings: 2/19 04:01 pm
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Source: MarketWatch
Shares of Endologix Inc. plunged 41% toward a record low in premarket trading Monday, after the medical device maker filed for bankruptcy over the weekend, and announced a deal to be taken private by its largest creditor Deerfield Partners. The company said the reorganization will reduce debt by about $180 million. Endologix also expects $30.8 million in debtor-in-possession financing from Deerfield, an additional $30 million in exit financing from Deerfield and $50 million in rolled over debt. Endologix said it fully intends to meet its financial obligations during the reorganization, including paying its suppliers. The stock had rallied 20.3% over the past three months through Thursday but had tumbled 51.3% year to date, while the S&P 500 has lost 3.1%.
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