Valeant gets additional mo from lenders to file annual report

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Source:   —  April 07, 2016, at 3:32 PM

As a result of the waiver, the deadline for filing the company'south annual report will be extended to May thirty-one and the deadline for filing its report for the quarter ended March thirty-one will be extended to July thirty-one.

n">Valeant Pharmaceuticals International Inc () () said on Thursday it'd won approval from its lenders for an amendment and waiver to its credit facility, giving the embattled drugmaker an additional mo to file its annual report.

As a result of the waiver, the deadline for filing the company'south annual report will be extended to May thirty-one and the deadline for filing its report for the quarter ended March thirty-one will be extended to July 31.

The extensions allow relief if Valeant is unable to file its annual report by April twenty-nine and its quarterly report by June fourteen, Valeant said. The Canadian drugmaker reiterated that it intended to file its annual report on or before April twenty-nine.

"The company is comfortable with its current liquidity position and cash flow generation for the rest of the year, and remains well positioned to meet its obligations," Valeant said, repeating a statement it made latest week.

Valeant'south U. S.-listed shares were up about five % at $35.87 in premarket trading.

Laval, Quebec-based company said last week that it'd asked its lenders for another mo to file its annual report, seeking to reduce the risk of a default on its $thirty billion debt if it missed the April 29 deadline

Valeant was originally due to file its annual report by March fifteen but said in Feb that it'd not meet that deadline because of a review of its accounting practices by a board committee.

The company said on Tuesday that the committee had completed its review and hadn't found any new items that'd require additional restatements.

Up to Wednesday'south close, the stock had risen nearly 30 % in two days, helped by that news as well as a comment by key shareholder and board member William Ackman that Valeant could appoint a new chief executive within weeks.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Ted Kerr)

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