Elder Pharma faces tough time, but says will clear all dues
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MUMBAI: Troubled drugmaker Elder Pharmaceuticals Ltd today said it has been going through tough cash flow situations but asserted it is on the recovery path and has substantial asset base to cover all liabilities.
"We are committed to repaying all our secured and unsecured creditors by raising funds through a combination of debt, equity and asset sale. We are going through tough cash flow situations but are on the path of recovery and have substantial asset base to cover all liabilities," a company statement said here.
The company has informed the stock exchanges about its intention to sell stake in its subsidiaries in the UK and Bulgaria. Raising funds is a time consuming process and cannot be done overnight as the 'due-diligence' by lenders/investors takes up many months at times, the release said.
In recent times, Elder faced a number of litigations - many of which are motivated - in effect further delaying the company's recovery or plans to sell assets.
"We are committed to repaying all our secured and unsecured creditors by raising funds through a combination of debt, equity and asset sale. We are going through tough cash flow situations but are on the path of recovery and have substantial asset base to cover all liabilities," a company statement said here.
The company has informed the stock exchanges about its intention to sell stake in its subsidiaries in the UK and Bulgaria. Raising funds is a time consuming process and cannot be done overnight as the 'due-diligence' by lenders/investors takes up many months at times, the release said.
In recent times, Elder faced a number of litigations - many of which are motivated - in effect further delaying the company's recovery or plans to sell assets.
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