Otelco Inc. (NASDAQ:OTT) Files for Bankruptcy, Sanofi SA (NYSE:SNY) and Transgene SA Inks Deal

Otelco Inc. (NASDAQ:OTT) willingly filed for Chapter 11 bankruptcy protection in an attempt to execute its formerly declared prepackaged reformation plan that would lower its total debt by almost $135 million.

The wireline telecommunication services provider, which concluded the third quarter with overall liabilities of almost $330.1 million, initially revealed its insolvency plans previous month. Otelco (OTT) on Monday announced all of its executives and owners of over 96% of its senior subordinated notes outstanding voted in favor of the move.

Otelco, Inc. (USA) (NASDAQ:OTT) shares are up +4.54% to $1.69 while the stock is trading within the range of $1.50 – $1.80 in the current trading session. In the last 12 months the shares have traded between $1.25 and $13.81. The current session’s volume of 182,726.00 shares is higher from their average daily trading volume of 97,670.00 shares.

French pharmaceutical firm Sanofi SA (NYSE:SNY) and Transgene SA Monday reported that they inked a deal for the making of an industrial platform designed to the production of immunotherapy products.

The platform would be seen on Genzyme Polyclonals site in Lyon, Gerland area for an investment almost of 10 million euro equally made by Sanofi (SNY) and Transgene. The Platform would stay Sanofi’s exclusive property.

At the current trading session, Sanofi SA (ADR) (NYSE:SNY) shares are down -2.33% to $49.51 while the stocks are trading within the range of $49.41 – $50.52. In the past year, the stock has traded within a range of $33.03– $50.93. The current session’s volume of 1.45 million shares is lower from their average daily trading volume of 2.68 million shares.

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