Canadian drug manufacturer, Valeant Pharmaceuticals International Inc. announced to present its 1Q financial report prior to deadline i.e. on 10 June 2016 instead of 31 July 2016– a cautious initiative taken to avoid defaulting on its debt agreements.
UPDATE: Exclusively obtained by Market Watchers: Last month, the drug manufacturer delayed the financial report – defusing the danger of a debt default and positioning the company for a fresh start after months of concern over its accounting and business practices. The report, originally due in February, was delayed as the company had to sort out its financials in the wake of an internal probe into its now-ended relationship with mail-order pharmacy, Philidor Rx Services LLC.
INSIGHT: Valeant requested an extension and renegotiation of bank loan and debt covenants on 30 March 2016, saying that it would ask for amendments to the terms and more leeway — until May 29 — to file the affected financial information.
Meanwhile, drug maker had approx. US$ 30 billion of long-term debt. To which the company commits in repaying at least US$ 1.7 billion – bearish from an earlier estimate predicted i.e. US$ 2.25 billion.
Firm’s eventual filing with the SEC was supposed to include an unqualified opinion from its auditor for 2014 and 2015 for it to remain in compliance with the New York Stock Exchange SEC, as well as creditor’s requirements.
Valeant further looks forward to file quarterly filings for the current Q, which ends on 30th of this June – and quarterly filings ahead to that; ‘right on time’.
