Centrebridgethe default notice was actually a formality or rather a legal requirement that they (Centerbridge) do so & not something unexpected. The notice sets a definite date for financial restatement sometime in the future. Don't forget VRX had given notice that they
had come to agreement with most of its debt-holders. See...."Pursuant to the approved waiver, the deadline for filing the Company's Form 10-K will be extended to May 31, 2016 and the deadline for filing its Form 10-Q for the quarter ended March 31, 2016 will be extended to July 31, 2016. While the Company is working diligently to file its Form 10-K and Form 10-Q, these extensions provide relief under the credit facility in the event the Form 10-K is not filed by April 29, 2016 and the Form 10-Q is not filed by June 14, 2016. In addition to the extensions, the approved waiver also waives the cross-default to Valeant's indentures that arose when the Form 10-K was not filed on March 15, 2016. The waiver and amendment were approved by lenders holding more than 50% of the Company's loans in principal amount.
VRX will should be ok as far as disclosure on time. What is incertain is whether the results are acceptable or a disaster.
carlos