Valeant Pharma gets another debt default notice

Troubled Canadian drugmaker Valeant Pharmaceuticals International Inc 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 to pay former CEO $9M US in severance
• Valeant offers discounts for two heart drugs under U.S. scrutiny

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, Que.-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 percent since August.

• Valeant reaffirms Q1 guidance, promises to file results on time
• Valeant Pharmaceuticals gets default notice from debt holder