Valeant receives further default notices due to its delayed 10-K filing

pharmafile | April 25, 2016 | News story | Medical Communications, Sales and Marketing Valeant, default, risk, trouble, worry 

Valeant Pharmaceuticals has issued a statement detailing that they have received additional notices of default under indentures due to its delayed 10-K filing.

This news comes at the start of a big week for the troubled pharma company. Outgoing CEO Michael Pearson is set to appear before a US Senate Aging Committee on Wednesday April 27th, while the publication of its long-awaited Form 10-K filing is set to be completed on or before Friday April 29th.

This is the second time in the past month that the company has notified of bondholders choosing to default. Their latest statement reads: “as a result of the delay in the company filing its Form 10-K for the fiscal year ended December 31, 2015, it has received notices of default from the trustee under the indentures governing its [senior notes].” Under these bond indentures, the company has until 60 days (June 21 2016) to file its Form 10-K, which will cure the default under the applicable indenture in all respects.

At the close of the statement, the company again reiterates that it is on schedule to file its 10-K on or before April 29th.

Sean Murray

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