UPDATE 2-Drugmaker Valeant's bondholders intend to call default

(Adds background, IFR report)
April 12 (Reuters) - Valeant Pharmaceuticals (NYSE:VRX) International
Inc VRX.TO said on Tuesday that it received a notice of
default from its bondholders as a result of a delay filing its
annual report.
Centerbridge Partners LP issued the notice, but it is not
expected to lead to a default, according to people familiar with
the matter.
Centerbridge declined to comment.
Valeant said in a statement that it now has until June 11 to
make the filing, under its bond agreements, but reiterated its
intention to file it on or before April 29.
The company also said the notice of default does not mean it
must pay back the bonds faster.
Valeant's bonds were unchanged to half a point lower in late
trading on Tuesday, according to IFR.
The Quebec-based drugmaker last week said its lenders had
given it an extra month to file the annual report, providing
breathing room for the embattled company as it tries to win back
investor confidence.
Valeant has faced intense scrutiny and U.S. congressional
investigations over its steep price increases for older
medicines as well as for other questionable business and
accounting practices. Its share price has slid almost 90 percent
since last August.
On Monday, the company asked its outgoing Chief Executive
Michael Pearson (LON:PSON) to cooperate with the U.S. Senate Committee on
Aging after he failed to show up at a hearing on Friday.
The Senate committee said it may start contempt proceedings
against Pearson after he failed to respond to a subpoena to
appear for a deposition related to an investigation into drug
pricing.
Pearson was unable to testify at a congressional hearing in
February because he was on medical leave recovering from
pneumonia.
Valeant was represented by interim CEO Howard Schiller, whom
the company has since accused of "improper conduct" that
contributed to a misstatement of the company's financial
statements. Schiller has denied any wrongdoing.
Prosecutors in Massachusetts and Manhattan are probing
Valeant's pricing and distribution channels, while the U.S.
Securities and Exchange Commission is investigating its
accounting and disclosure issues.
Valeant shares were down 0.7 percent in after-hours trading
in New York. They had earlier closed up 2.0 percent at $31.99.