LAVAL, Que. - Valeant Pharmaceuticals International, Inc. (TSX:VRX) says its lenders have agreed to give the company more time to file its 2015 audited annual report with U.S. regulators.
Failure to get approval for the deadline extension would have put Valeant in default of lending agreements affecting billions of dollars borrowed by the company to fund its rapid growth through acquisitions.
The Quebec-based company says a majority of its lenders have agreed to give Valeant until May 31 to file its 10-K report for 2015 but the company still intends to have it done by April 29, as previously announced.
The possibility of default has been one of the factors weighing on Valeant's stock price this year.
Valeant wasn't able to file the 10-K report by the normal March 15 deadline because of a need to restate how it reported about US$58 million of revenue from Philidor Rx Services -- an affiliated company that has now been shut down.
Once one of Canada's most valuable companies following years of growth through multiple acquisitions, Valeant's stock has dropped dramatically since last summer amid controversy on several fronts -- including its relationship with Philidor.
