BRIEF-Valeant ad hoc committee completes review of Philidor, related accounting matters

Tue Apr 5, 2016 9:38am EDT
 
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April 5 (Reuters) - Valeant Pharmaceuticals International Inc :

* Valeant Ad hoc committee announces completion of its review of Philidor and related accounting matters

* Board has determined to dissolve ad hoc committee

* Ad hoc committee announces completion of its review of Philidor and related accounting matters

* "Continue to work diligently and are on schedule to file our form 10-k on or before April 29, 2016"

* Ad hoc committee of board believes that its review of various Philidor and related accounting matters is complete

* Ad hoc committee not identified additional items that require restatements beyond those by matters disclosed

* In process of restating affected financial statements, restated financial statements will be included in company's form 10-K

* 12 independent directors will assume oversight responsibility for completion of current, restated financial statements, disclosures

* "Believe it is appropriate to transfer responsibility for any continuing work to board's independent directors"

* Believes after restatement, to remain in compliance with financial maintenance covenants in credit facility at end of each affected quarter Source text for Eikon: Further company coverage: