Endologix plunges 41% after filing for Chapter 11 [Seeking Alpha]
ENDOLOGIX (ELGX)
Last endologix earnings: 2/19 04:01 pm
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investor.endologix.com
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Source: Seeking Alpha
Healthcare|On the MoveEndologix plunges 41% after filing for Chapter 11Jul. 6, 2020 6:21 AM ETEndologix, Inc. (ELGX)Mamta MayaniAfter evaluating a variety of strategic options, Endologix (NASDAQ:initiatedThe financial reorganization would reduce ~$180M in debt and will provide an ~$30M in additional exit financing.Endologix also expects to gain access to $110.8M of new financing, including $30.8M in debtor-in-possession financing from Deerfield and $50M in rolled-over debt from the Company’s current first-lien debt.Under the terms of the plan, Endologix will become a private company and emerge financially well-equipped.ELGX also plans to launch its Alto system in U.S. in the coming weeks and in Europe later this year.The Company expects to complete the process by the end of Q3.Shares are downSee all stocks on the move »Now read:LeMaitre Vascular: Looking Fair »
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