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Elan Corporation, plc Message Board

  • marvelmeister2002 marvelmeister2002 Jan 7, 2003 10:11 AM Flag

    Amazing news

    From Reuters. Please make sure that your seats are in an upright position for takeoff...

    In a joint telephone interview, Kelly and Armen expressed confidence that Elan was well on its way to raising the $1.5 billion in cash it needs by the end of this year to pay off debt that some analysts had worried could cripple cash flows or even force Elan into bankruptcy.

    Following a succession of sales of manufacturing plants and products, Elan has raised $680 million and is ahead of schedule on the disposals, Armen said.

    He declined to say what the next sale would be, but predicted it would come early in the first half of this year.

    He also played down the prospect of a debt-for-equity swap to pay off debt, which would further dilute holdings of suffering shareholders, saying this was "next to slim right now".

    Meister

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