Santhera Pharmaceuticals seeks to restructure 5% convertibles due 2022

By Rebecca Melvin

New York, March 9 – Santhera Pharmaceuticals Holding AG announced that the result of a bondholders’ vote to restructure its CHF 60 million 5% convertible bonds due 2022 fell short of the required threshold of 2/3 approval for the resolution to be passed.

However, bondholders who did not vote at the meeting on Monday may still do so for a maximum of two more months, unless the period is shortened by the company, according to a news release.

The changes are crucial to enable Santhera to remain a going concern, according to the release.

Santhera has called an extraordinary general meeting of shareholders on March 18, at which the board will propose, among other items, authorization and issuance of the shares required to restructure the outstanding bonds.

Santhera is a Liestal, Switzerland-based pharmaceutical company.

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