March 30 (Reuters) - Valeant Pharmaceuticals (NYSE:VRX) International
Inc VRX.TO
* Launches credit facility amendment
* Intends to file 10-K on or before April 29, 2016 , as
previously disclosed
* Seeking to extend deadline for filing its form 10-K to May
31, 2016
* Extensions provide relief under credit facility in event
form 10-K is not filed by April 29, 2016
* To extend deadline for filing its form 10-Q for quarter
ending March 31, 2016 to July 31, 2016
* Also asking lenders to amend, among other things, interest
coverage maintenance covenant and certain financial definitions
* "Is comfortable with its current liquidity position and
cash flow generation for rest of year"
* Proposed waiver would also waive cross-default to
indentures that arose when form 10-K not filed on March 15
* Terms of proposed amendment will restrict company's
ability to make certain acquisitions and other investments, to
pay dividends
* Ad hoc has not to date identified any additional items
affecting company's financial statements
* Since 8-K on March 21, ad hoc committee of board continued
to make progress and now nearer to completion
* Committee has not to date identified any additional items
affecting company's financial statements
* While restrictions are in place, will also be required to
apply substantially all net asset sale proceeds to prepay term
loans
Source text for Eikon: ID:nPn6fF77ca
Further company coverage: VRX.TO
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