Caraco Pharmaceutical Laboratories Ltd said it would slash more than half its workforce to align its expenses with the current halt in production, following U.S. health regulators' recent seizure of the company's medicines on repeated manufacturing violations.
The company, which said it would cut 350 jobs, added that JPMorgan Chase Bank has informed the company that its $10 million line of credit was not available to be drawn down upon until the regulatory matter was resolved.
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