March 30, 2016 / 1:48 PM / 2 years ago

BUZZ-Valeant Pharmaceuticals: Seeks waiver from lenders to avoid default

** Canadian drugmaker’s shares up about 2.6 pct at $29.75

** Toronto-listed stock up about 1 pct at C$38.57

** Says it has asked lenders to waive a condition of its credit facility that would put it in breach of covenants if the company did not file its annual report by April 29, as planned

** Earlier this month, company said delay in filing report would put it at risk of default on its $30 billion debt

** Last week, a board committee probing company’s ties to specialty drug distributor Philidor Rx found accounting problems dating back to Dec 2014

** Company also under investigation by U.S. Congress and various govt. agencies over its pricing strategy and links to Philidor

** Up to Tuesday’s close, Valeant’s U.S.-listed stock had lost about 71.5 pct of its value this year (Reuters Messaging:;

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