JHVEPhoto Bausch Health ( NYSE: BHC ) said it's not considering a bankruptcy or insolvency proceeding of any kind in response to an earlier report which sent its shares plunging as much as 48%. Bausch shares pared a decline to 14% after they were halted for news pending. Shares of the pharmaceutical company sunk earlier after a Reorg report that there were negotiations about a potential prepackaged Chapter 11 to cut debt on its balance sheet.
"The article contains unsubstantiated rumors, including that the Company is considering a bankruptcy or insolvency proceeding of any kind - it is not," Bausch said in the statement. "We understand that Reorg® has subsequently issued an update to its original news article to clarify that the Company has not been involved in discussions with its creditors regarding bankruptcy proceedings," Bausch added. More on Bausch Health Companies Why Bausch Health Stock Plunged After Posting First Quarter 2024 Results Bausch Health Companies (BHC) Q1 2024 Earnings Call Transcript Bausch Health Companies Inc.
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