Unable To Manage Debts, India’s Wockhardt Calls For Financial Restructuring; Habil Khorakiwala Resigns As Managing Director
This article was originally published in PharmAsia News
Executive SummaryMUMBAI - After plunging into a veritable financial crisis due to high debt levels, India's pharmaceutical and biotechnology company Wockhardt has called for a financial debt restructuring through ICICI Bank
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Wockhardt earnings reel from mounting regulatory actions from the U.S., UK and EU. Management pledges restructuring to put the company back on track, but no short-term relief is in sight.