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Valeant Pharmaceuticals receives default notice

Staff writer ▼ | June 3, 2016
Lenders warned Valeant Pharmaceuticals that it has defaulted on certain debts after failing to submit a public filing, giving the embattled drugmaker two months to rectify the matter.
Pharmaceuticals   Valeant said that it had received a warning
Valeant said that it had received a notice of default from two lenders on its senior notes. The warning stems from the company's failure to file its first-quarter earnings statement, also known as a 10-Q form, in a timely manner to the U.S. Securities and Exchange Commission (SEC).

Loan terms give the company 60 days from the time it received the notice, which occurred Thursday, to file the 10-Q. Valeant reiterated a previous statement that it will file the form on or before June 10.