Valeant Pharmaceuticals International Inc. said it has proposed a deal with its lenders to avoid a default by extending its filing deadlines and restricting the company from making some acquisitions, the Wall Street Journal reported today. Valeant is seeking to extend a lender-imposed deadline for filing its annual report as it undertakes an in-house review of its accounting procedures. If the deadline is missed, Valeant said that it faces a potential default on its debt. The Canadian pharmaceutical company said it is planning on filing the annual report by April 29 but wants the deadline extended to May 31. It also wants to extend the deadline for its report covering the quarter ending Thursday to July 31 from June 14. Valeant also said today that the internal committee assigned to investigate its accounting practices is “nearer” to finishing its work and hasn't identified any additional items impacting its financial statements beyond the ones identified earlier.
