Valeant Pharma receives additional notice of default on delayed 1Q’16 filing

Troubled pharma firm Valeant Pharmaceuticals International, Inc. received a notice of default from the trustee under two of its senior note indentures on 2 June 2016, as a result of the delay in filing its Form 10-Q for the period ended 31 March 2016.

However, the notice of default did not result in the acceleration of its debt or that of any of its subsidiaries.

Under the indentures on its senior notes, Valeant would receive an additional 60 days from the receipt of the notice to file its 10-Q, failing which it would technically default.

Previously, on 9 May 2016, Valeant had announced that it expected to file the 10-Q 2016 report with the Securities and Exchange Commission and the Canadian Securities Regulators on or before June 10, 2016, which would be well in advance of the 60-day cure date.

Source: PRNewswire

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