Statement from Valeant: "Relax folks"... Good to see that Valeant is on top of this news. Quite responsive. They've learned.
Notice Does Not Accelerate Any of the Company's Indebtedness
Company Has Until June 11, 2016 to Cure Default By Filing 10-K
Company is on Schedule to File its 10-K on or before April 29, 2016, as Previously Disclosed
LAVAL, Quebec, April 12, 2016 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (VRX) ("Valeant" or the "Company") (NYSE (NYX): VRX )(TSX: VRX) today announced that it has received a notice of default from holders of its 5.5% Notes due 2023 as a result of the delay in the Company filing its Form 10-K for the fiscal year ended December 31, 2015. The Company discussed on its March 15, 2016 preliminary earnings call the possibility of receipt of such notice. Under its bond indentures, the Company has until June 11, 2016, 60 days from the receipt of the notice, to file its 10-K, which will cure the default in all respects. The Company is working diligently and is on schedule to file its 10-K on or before April 29, 2016. The notice of default does not result in the acceleration of any of the Company's indebtedness.
As previously announced, the Ad Hoc Committee of the board of directors has completed its review of various Philidor and related accounting matters and has not identified any additional items that would require restatements beyond those required by matters previously disclosed. The Company is in the process of restating the affected financial statements, and the restated financial statements will be included in the Company's Form 10-K for the fiscal year ended December 31, 2015, which the Company intends to file with the Securities and Exchange Commission and the Canadian Securities Regulators on or before April 29, 2016.