On April 12, 2016, Valeant Pharmaceuticals International Inc. received a notice of default from holders of at least 25% of the $1 billion 5.5% 2023 senior unsecured notes, relating to Valeant's delayed 10-K filing for fiscal year end Dec. 31, 2015. We are uncertain whether the holders' motivation is simply to seek a consent fee if the 10-K filing is further delayed, or whether their objectives will preclude a smooth consent process, should that be necessary. We are encouraged by Valeant's unwavering expectation to file the 10-K by April 29, the company's indications that it remains on track to do so, and the ad-hoc committee of the board of directors' indication that it believes that its review of various Philidor
