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PDLI > SEC Filings for PDLI > Form 8-K on 11-Aug-2014All Recent SEC Filings

Show all filings for PDL BIOPHARMA, INC.



Other Events

Item 8.01 Other Events.

On August 5, 2014, PDL BioPharma, Inc. (the Company) delivered a notice of default to Wellstat Diagnostics, LLC (Borrower), due to, among other things, Borrower's on-going failure to pay its debts as they become due (the Borrower Notice). The Borrower Notice accelerates all obligations under the Company's credit agreement with Borrower and demands immediate payment in full in an amount equal to $53,939,820, plus accruing fees, costs and interest, and demands that Borrower protect and preserve all collateral securing its obligations.

On August 7, 2014, the Company delivered a notice to each of the guarantors of Borrower's obligations to the Company under the credit agreement (the Guarantor Notice). The Guarantor Notice includes a demand that the guarantors remit payment to the Company in the amount of the outstanding obligations. The guarantors include certain affiliates and related companies of Borrower, as well as Borrower's shareholders.

The Company is evaluating the remedies available to it at this time.

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