Valeant Says Delayed 10-K Resulted In Several Notices Of Defaults

Valeant Pharmaceuticals International, Inc. VRX announced on Friday it has received several notices of defaults from trustees as a the result of its delayed 10-K filing.

Valeant continued that the notices of default governing its 5.375 percent Senior Notes due 2020; 6.375 percent Senior Notes due 2020; 7.50 percent Senior Notes due 2021; and 7.25 percent Senior Notes due 2022.

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The company added that it has until June 21, 2016 to file its Form 10-k which will "cure" the default under in all respects.

Valeant also reaffirmed that it is on schedule to file its 10-K on or before April 29 and the notices of default do not result in the acceleration of any of the company's indebtedness.

Shares of Valeant were trading higher by more than 4 percent Monday morning.