...+ 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 and related accounting matters is complete and no additional items that would require restatements have been identified beyond those required by matters previously identified. Still, we believe the timing of the audit is not completely predictable or fully within Valeant's...
