VIVUS Announces Agreement with IEH Biopharma LLC Granting the Company a 30-Day Grace Period to Restructure its Corporate Debt
VIVUS (VVUS)
Last vivus earnings: 3/3 04:05 pm
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US:NASDAQ Investor Relations:
ir.vivus.com/node/5806
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Source: GlobeNewswire
CAMPBELL, Calif., May 01, 2020 (GLOBE NEWSWIRE) -- VIVUS, Inc. (Nasdaq: VVUS; the “Company”), a biopharmaceutical company, today announced an agreement regarding its corporate debt with IEH Biopharma LLC, which holds a principal amount of approximately $170.1 million of the Company’s Convertible Senior Notes with a maturity date of May 1, 2020. The Company does not currently have the ability to pay the principal amount of the Convertible Senior Notes held by IEH Biopharma. Under the terms of the agreement, the Company will pay IEH Biopharma $3.8 million in accrued and unpaid interest on the Convertible Senior Notes and IEH Biopharma will grant the Company a 30-day grace period (if not terminated sooner pursuant to the terms of the agreement), beginning today, for payment of the principal amount of the Convertible Senior Notes during which the two parties will work exclusively to attempt to restructure the outstanding principal amount of the Convertible Senior Notes. As part of the
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