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Valeant receives default notice from bondholders regarding 10-K filing delay
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Valeant Pharmaceuticals International announced in a press release that it has received a default notice from holders of its 5.5% Notes due 2023 as a result of the company’s delay in filing its form 10-K for the fiscal year ending Dec. 31, 2015.
The company has 60 days from the receipt of the notice to file the 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,” according to the release.
Valeant announced earlier this month that the ad hoc committee of its 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.”
Valeant’s board of directors determined to dissolve the ad hoc committee, and 12 independent directors of the board will assume oversight responsibility associated with completion of financial statements and disclosures, according to a separate press release issued earlier this month.
Reference: www.valeant.com