Elan's financial troubles continue

Published: 27-Jun-2003

Irish pharma company Elan Corporation is seeking yet another extension on the filing of its annual report, which could put it into default with bondholders.


Irish pharma company Elan Corporation is seeking yet another extension on the filing of its annual report, which could put it into default with bondholders.

The company hopes to be in a position to file its 2002 annual report with the US SEC (Securities and Exchange Commission) by 15 July, but has had on-going discussions with the financial regulator.

'Elan is fully co-operating with the SEC and is pursuing all available options for quickly resolving the discussions and for addressing the impact of those discussions on Elan's outstanding debt,' said the firm's president and chief executive, Kelly Martin.

'We are dedicated to continuing our efforts to deliver life-changing solutions. As one of the world's leading companies in research and development for Alzheimer's disease, multiple sclerosis, Crohn's disease and severe pain therapeutics, we take seriously our commitment to meet the needs of patients, and with such obligations, as well as our obligations to our shareholders and employees, we remain highly fo-cused on reaching resolution with the SEC in a timely manner.'

A delay in filing the report to July 30 could cause a technical default under Elan's debt agreements, while a delay beyond 14 September would trigger an immediate repayment on Elan's debts, believed to be in the region of US$650m, something that it would find hard to achieve.

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