CRG's Exotic Loan Covenants Put Synergy On The Verge Of Bankruptcy [Seeking Alpha]
SYNERGY PHARMACEUTICALS (SGYP)
Last synergy pharmaceuticals earnings: 11/8 05:00 pm
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US:NASDAQ Investor Relations:
ir.synergypharma.com
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Source: Seeking Alpha
CRG's Exotic Loan Covenants Put Synergy On The Verge Of BankruptcySummaryCRG's hefty penalties and restrictive covenants are crippling Synergy Pharmaceuticals' ability to enter into partnerships and possibly forcing it into bankruptcy.CRG claims to be a specialty lender for biotech companies, but it has long ways to go to prove it can create value for companies that do business with them.CRG's lending terms for vulnerable companies seeking funding are nothing short of outrageous. Prepayment penalties of up to 40% are included among such terms.Investors and potential borrowers alike should follow how this situation unfolds and make a judgment call on whether CRG's involvement is an asset or a liability.Synergy is getting zero credit from CRG for cutting expenses and having significant insurance wins. CRG's lack of focus on reduced cash burn is mesmerizing.
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