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UPDATE 1-Valeant gets notice of default from bondholders

Published 2016-05-19, 06:29 p/m
© Reuters. UPDATE 1-Valeant gets notice of default from bondholders
BHC
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(Adds details, shares)
May 19 (Reuters) - Beleaguered Canadian drugmaker Valeant
Pharmaceuticals International Inc VRX.TO VRX.N said it
received a notice of default from bondholders for the delay in
filing its first-quarter report.
The company said it can avert default by filing the report
by July 18.
Last week, Valeant had said it expected to file the report
with U.S. and Canadian regulators on or before June 10, ahead of
a July 31 deadline.
Valeant had been one of the pharmaceutical industry's most
widely owned stocks as its steady stream of acquisitions fueled
strong gains in its shares.
However, questions about its accounting and business
practices, coupled with lawmakers' concerns about sharp price
hikes, clouded its prospects last summer.
Valeant also filed its 2015 financial report last month,
after missing the original March 15 deadline, citing an in-house
review of its accounting practices. The probe found problems
dating back to 2014.
The Laval, Quebec-based company's U.S.-listed stock was down
about 1 percent after the bell on Thursday.

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