Valeant's Ticking Clock to File Its Financials: Dates to Watchby
Valeant Pharmaceuticals International Inc., the drugmaker at the center of a pricing scandal and mounting worries over its $32 billion debt load, has six weeks before it must file its delayed 2015 financial statements. Pressure ratcheted up this week when the company received a notice of default from bondholders that accelerated the deadline by four days.
Here’s a guide to the key dates to watch:
* April 29: The date by which Valeant has said it plans to file its 10-K report. Not doing so wouldn’t break credit agreements but it would further damage the company’s credibility.
* May 27: Valeant must file its 10-K by this date to comply with new terms under its credit agreement. There is no grace period so if it fails to do so, loan holders will be able to demand accelerated repayment on their $12.7 billion of loans unless the company is able to negotiate another waiver.
* June 11: Bondholder deadline for Valeant to file its 10-K report established when Centerbridge Partners sent it a notice of default. This deadline is 60 days from when Valeant received the notice. It comes after the loan-holder deadline.
* July 31: Deadline for Valeant to file its first-quarter report (10-Q) under its agreement with loan holders.