In a strategic pivot amid ongoing financial challenges, Bausch Health Companies Inc. has opted to revamp its advisory team. This move comes as part of a sustained effort to address its substantial debt burden, which stands at approximately $20 billion, and to facilitate a critical asset sale.
Central to this strategic realignment is the appointment of Evercore Inc. as Bausch’s new financial adviser, a role previously filled by other advisory firms. The decision signifies a renewed focus on selling its lucrative eye-care division, Bausch + Lomb, while seeking to refinance its debt load. In a concurrent move, Bausch has also replaced its longstanding legal counsel, White & Case LLP, with the law firm Proskauer Rose LLP. These changes underscore Bausch’s commitment to navigating its financial restructuring effectively.
The company’s debt reduction efforts have met resistance from creditors, who have organized to oppose some of Bausch’s initiatives. This tension highlights the complex dynamics that Bausch faces as it maneuvers through its financial difficulties. The backdrop to these developments is detailed in the full article by Bloomberg, accessible here.