Valeant loan investors steadfast despite Ackman sell-off
Leveraged debt investors are not quite ready to retreat from their position in Canadian drug maker Valeant Pharmaceuticals, despite long-term advocate Bill Ackman abandoning his holding in the company on Monday.
Ackman’s Pershing Square Capital Management sold its position in the company on March 13, adding to the woes of the CLO market’s largest obligor. It is reported that the fund took a $4bn loss on its stake in the company.
While the stock continues to plummet, trading at
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