No need to sell the farm--or at least not all of it. Embattled medical device maker Boston Scientific made a $1 billion loan payment and restructured some of its other debt, giving itself a breather on a long uphill road back to financial health.
Boston Scientific has a steep climb to make. Last month, Moody's cut its bond rating to "junk." The company's stock is trading at a five-year low. It's carrying billions in debt. And its core business is shaky; stents have come under fire recently for failing to beat cardiac drugs at preventing future heart problems. Now, the company is looking to cut jobs, and possibly sell three of its businesses, which could raise $500 million to $600 million.
- see Boston Scientific's release
- read the report from The Boston Globe
Tough times for stent market. Report
Stent study surprises. Report
Decline in drug-coated stent use at cardiac centers. Report
Insurers may cut stent payouts. Report