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Valeant defaults on some of its debt

NEW YORK, N.Y. – Valeant has defaulted on some of its debt because it has yet to file its first-quarter report.

The embattled Canadian drug company said Friday that it now has 60 days to file the report with the Securities and Exchange Commission and the Canadian Securities Regulators for the quarter that ended March 31.

Valeant Pharmaceuticals International Inc. said that it received a notice of default on Thursday from the trustee under two of its senior note indentures. It said the notice of default does not result in the acceleration of any indebtedness of Valeant or any of its subsidiaries.

Valeant said last month that it plans to file the first-quarter report by June 10. It also has said that it expects to submit future quarterly filings on time.

Valeant posted long-overdue results from 2015 in April as it wrestles with a number of government investigations.