Valeant Pharmaceuticals' bondholders not pleased with annual report delay, but drugmaker aims to have it filed before end of April

Hayley Kirton
Follow Hayley
Paracetamol Reportedly Not Effective Drug For Back Pain
Valeant had its filing deadline extended last week (Source: Getty)

Valeant Pharmaceuticals today revealed that it has received a default notice from its bondholders, protesting the late filing of its 10-K form.

In a short statement, the troubled Canadian pharmaceutical company repeated its intention to file by 29 April, although it technically has until 11 June to clear the default notice.

The company had to delay the filing of its annual report after questions were raised over some of its accounting practices.

The company also stressed that the issue of the notice was not as a result of a change in the company's debt position.

Last week, the drugmaker was granted a month-long extension by its lenders to push back filing date of its annual report for the fiscal year ended 31 December 2015 to 31 May. Meanwhile, the company also had the deadline date for filing its report for the quarter ended 31 March postponed until 31 July.

Meanwhile, Valeant announced last month that it would be replacing chief executive Michael Pearson, although he will continue on in his role until his replacement has been found.

Related articles