Valeant Pharmaceuticals International Inc. dodged a potential default by filing its 2015 annual report Friday. Now it faces another in two weeks.

The company has until May 16 to submit its first-quarter financial results or risk breaching agreements with bondholders who own $19.5 billion of its debt, it said Friday in the regulatory filing. Valeant reiterated that there’s a risk it may be delayed in filing the results. The company’s bonds fell.

“Under the terms of our senior note indentures, if we do not file the first-quarter 2016 form 10-Q by May 16, 2016, we will be in default,” the company said.

Valeant filed its 2015 annual report Friday, and said it will have no additional financial restatements, is in compliance with its credit agreements, and is under investigation by several state regulatory agencies. The filing met the company’s self-imposed deadline and temporarily satisfies bond and loan holders, who have sent notices of default related to the delayed financials, which were supposed to be submitted in March.

Earlier this month, the company won support from loan holders to make changes to its credit agreement, giving it until July 31 to file its first-quarter financials. It didn’t amend its pact with bondholders at that time.

Valeant’s $3.25 billion of 6.125 percent bonds lost 1.25 cents on the dollar, falling for the first time in more than a week to trade at 84.5 cents on the dollar and yield 8.65 percent at 10:25 a.m. in New York on Friday, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Breaching the bond pact will give creditors the right to send Valeant a notice of default, which will start the clock on a 60-day cure period and could shorten the extended deadline of July 31 that it got from loan holders, the company said.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE