Valeant Says Default Notice Moves 10-K Deadline Up by Four Days

Valeant Gets Default Notice From Creditors

Valeant Pharmaceuticals International Inc. said it will have four fewer days to file its financials before lenders can demand repayment of $12.7 billion in loans after the company received a default notice from some of its bondholders.

The notice of default sent Tuesday started the clock on a 60-day grace period for the drugmaker to file its financial statements. It also triggered a provision in the company’s loan agreement that requires it to file its 10-K on or before May 27. That’s four days sooner than the May 31 deadline it worked out with senior lenders last week as part of a deal to waive a default and loosen terms of its credit agreement.

Valeant on Wednesday reiterated its intent to file the 10-K “on or before” April 29 but cautioned that “there can be no assurance” that it will file within that period.

Centerbridge Partners had told the company it would file a default notice, a person with knowledge of the matter said on Tuesday.

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