Valeant Pharmaceuticals 10-Q filing delay could prompt high-yield, convertible notes defaults

By Caroline Salls

Pittsburgh, Oct. 23 - Valeant Pharmaceuticals International could face compliance issues under the information reporting requirements of its high-yield and convertible notes indentures as a result of its expected delay in filing its 10-Q quarterly report for the period ended Sept. 30, according to an 8-K filing with the Securities and Exchange Commission.

If these potential defaults are not cured within the grace periods provided in the notes indentures, the company said it could result in the acceleration of the notes.

Valeant announced Monday that its board of directors has concluded that as a result of errors in the company's accounting for stock options, some prior financial statements will need to be restated.

Valeant is a specialty pharmaceutical company based in Costa Mesa, Calif.

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