Bausch Health’s (BHC) four-year-old plan to spin off its Bausch + Lomb eye-care subsidiary is caught in a standoff between top investors Carl Icahn and Paulson & Co and creditors including Elliott and Apollo (APO) who favor a bankruptcy filing to fix the balance sheet, The Wall Street Journal’s Soma Biswas reports. According to people familiar with the matter, debtholders privately support a bankruptcy filing as a path to separate the valuable subsidiary and restructure more than $22B in debt, but Bausch believes there are other avenues to complete a spinoff of the unit.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BHC:
- Piper downgrades Bausch Health to Underweight with solvency ‘top of mind’
- Bausch Health downgraded to Underweight from Neutral at Piper Sandler
- Bausch Health Reports Strong Q2 Growth, Raises Guidance
- Bausch Health sees 2024 revenue $9.5B-$9.65B, consensus $9.4B
- Bausch Health reports Q2 EPS 3c vs. 7c last year