March 30, 2016 / 11:28 AM / a year ago

BRIEF-Valeant Pharmaceuticals seeks to extend deadline for filing 10-K

March 30 (Reuters) - Valeant Pharmaceuticals International Inc

* Launches credit facility amendment

* Intends to file 10-K on or before April 29, 2016 , as previously disclosed

* Seeking to extend deadline for filing its form 10-K to May 31, 2016

* Extensions provide relief under credit facility in event form 10-K is not filed by April 29, 2016

* To extend deadline for filing its form 10-Q for quarter ending March 31, 2016 to July 31, 2016

* Also asking lenders to amend, among other things, interest coverage maintenance covenant and certain financial definitions

* “Is comfortable with its current liquidity position and cash flow generation for rest of year”

* Proposed waiver would also waive cross-default to indentures that arose when form 10-K not filed on March 15

* Terms of proposed amendment will restrict company’s ability to make certain acquisitions and other investments, to pay dividends

* Ad hoc has not to date identified any additional items affecting company’s financial statements

* Since 8-K on March 21, ad hoc committee of board continued to make progress and now nearer to completion

* Committee has not to date identified any additional items affecting company’s financial statements

* While restrictions are in place, will also be required to apply substantially all net asset sale proceeds to prepay term loans Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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