Valeant gets notice of default from bondholders

Canadian pharma company Valeant Pharmaceuticals International Inc. received a notice of default from bondholders for the delay in filing its first-quarter report for 2016.

The company stated that it could avert default by filing the report by 18 July 2016.

Previously, Valeant had said it expected to file the report with U.S. and Canadian regulators on or before 10 June 2016, ahead of a 31 July deadline.

Valeant’s growth through acquisitions made it one of the pharmaceutical industry’s most widely owned stocks but its prospects were affected on accounting scandals, questionable business practices and lawmaker’s concerns about sharp price hikes on its products.

Source: Reuters

Ultraviolet Petroleum (UPL) to defer $26m interest payment due April 1

U.S-based oil and gas explorer Ultra Petroleum Corp., deferred making an interest payment of approximately $26m on its 6.125% bonds due 2024. The payment was due to creditors on 1 April 2016.

The company, as per its indenture governing the 2024 notes, permits it a grace period of 30 days to make the interest payment.

Failure to either make a payment within the grace period, or obtain a waiver from the bond holders of the 2024 notes would result in a technical default.

Source: StreetInsider