Valeant Bond Holders Say the Company Is In Default

June 3, 2016, 6:09 PM UTC
The headquarters of Valeant Pharmaceuticals International, Inc. stands in  Bridgewater Township, U.S., on Wednesday Nov. 04, 2015. Photographer: Michael Nagle/Bloomberg
Photograph by Michael Nagle — Bloomberg Finance

Troubled Canadian drugmaker Valeant Pharmaceuticals (VRX) said it received another notice of default from bondholders for the delay in filing its first-quarter report.

However, the company reiterated that it would file the report with U.S. and Canadian regulators on or before June 10, ahead of a July 31 deadline.

Valeant has lost more than half its value since mid-March, after it said a delay in the filing of its annual report could put it at risk of a default on its borrowings.

The Laval, Quebec based company is also facing mounting scrutiny from the U.S. Congress, prosecutors, and regulators over its drug pricing, business practices and accounting, issues that have pushed its shares down nearly 89% since August.

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