One of Valeant Pharmaceuticals' creditors has told the company that they will call a default on the company, Dow Jones reports.
Earlier this month, Valeant announced that it had secured agreement to avoid default and refinance $11 billion in secured loans from 50% of those creditors.
The company risked default because it had failed to file its annual report by March 15, and a failure to file it before April 29 would have triggered a technical default on those loans.
The stock is down over 6% in after market trading.
More on this to come...
BREAKING: Big Valeant bond investor Centerbridge notifies company of intention to call a default - Dow Jones, citing sources
- CNBC Now (@CNBCnow) April 12, 2016