April 7, 2016 / 11:57 AM / a year ago

BRIEF-Valeant gets lender approval to file annual report by May 31

April 7 (Reuters) - Valeant Pharmaceuticals International Inc :

* Valeant Pharmaceuticals receives lender consent for credit facility amendment

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

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

* Company expects to close amendment and waiver next week

* Expects to close amendment and waiver next week

* Says pursuant to approved waiver, deadline for filing company's form 10-K will be extended to May 31, 2016

* Waiver and amendment were approved by lenders holding more than 50 pct of company's loans in principal amount

* Says deadline for filing its form 10-Q for quarter ended March 31, 2016 will be extended to July 31 , 2016

* The approved waiver also waives cross-default to Valeant's indentures that arose when form 10-K was not filed on March 15, 2016

* Valeant Pharmaceuticals says comfortable with its current liquidity position and cash flow generation for rest of year

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

* Waiver and amendment were approved by lenders holding more than 50 pct of company's loans in principal amount

* In addition to waivers, amendment will modify interest coverage maintenance covenant, certain financial definitions which provide additional cushion in its financial covenant

* Terms of amendment restrict co's ability to make certain acquisitions and other investments, to pay dividends and other restricted payments

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

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