Valeant Gets Default Notice On Four Bonds Following 10-K Delay

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) said it received additional notices of default under indentures from its bondholders as a result of a delay in 10-K Filing.

The company has received notices of default from the trustee under the indentures governing its governing its 5.375% Senior Notes due 2020; 6.375% Senior Notes due 2020; 7.50% Senior Notes due 2021; and 7.25% Senior Notes due 2022.

Valeant said on Friday it has until June 11, 2016 to file its Form 10-K, which will cure the default under the applicable indenture in all respects.

The company stated that it is working diligently and is on schedule to file its Form 10-K on or before April 29, 2016. The notices of default do not result in the acceleration of any of the Company's indebtedness, the company specified.