Notice Does Not Accelerate Any of Valeant's
Indebtedness
Company Has Until July 18,
2016 to Cure Default By Filing Form 10-Q
Company Continues to Expect to File Form 10-Q on or Before
June 10, 2016
LAVAL, Quebec, May 19, 2016 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") today announced that it has
received a notice of default from the trustee under one of its
senior note indentures as a result of the delay in Valeant filing
its Form 10-Q for the period ended March
31, 2016. The notice of default does not result in the
acceleration of any of Valeant's indebtedness.
Under its senior note indenture, Valeant has 60 days from the
receipt of the notice to file the Form 10-Q, which will cure the
default in all respects. As announced on May
9, 2016, Valeant expects to file the Form 10-Q with the
Securities and Exchange Commission and the Canadian Securities
Regulators on or before June 10,
2016, which would be well in advance of the 60-day cure date
of July 18, 2016.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, gastrointestinal disorders,
eye health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, statements regarding the timing of
filing the Company's Form 10-Q. Forward-looking statements
may generally be identified by the use of the words "anticipates,"
"expects," "intends," "plans," "should," "could," "would," "may,"
"will," "believes," "estimates," "potential," "target," or
"continue" and variations or similar expressions. These statements
are based upon the current expectations and beliefs of management
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, risks and uncertainties discussed in the
Company's most recent annual or quarterly report and detailed from
time to time in Valeant's other filings with the Securities and
Exchange Commission and the Canadian Securities Administrators,
which factors are incorporated herein by reference. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements
speak only as of the date hereof. Valeant undertakes no obligation
to update any of these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
actual outcomes, unless required by law.
Contact Information:
Laurie W.
Little
949-461-6002
laurie.little@valeant.com
Elif McDonald
905-695-7607
elif.mcdonald@valeant.com
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.