Oct 20 (Reuters) - Concordia International Corp CXR.TO :
* Concordia International Corp. takes next step to realign its capital structure by commencing proceedings under the Canada Business Corporations Act
* Seeking to reduce its existing secured and unsecured debt obligations by more than $2 billion
* Intends to continue operating its business as usual during CBCA proceedings
* Company had approximately $340 million of cash on hand as of September 30, 2017
* Some payments owed to unsecured lenders will not be paid as scheduled & are expected to be addressed as part of recapitalization
* Proposed recapitalization transaction may result in dilution of outstanding common shares of company
* It is commencing a court proceeding under Canada Business Corporations Act
* Under CBCA process, Concordia's management will continue to lead day-to-day operations