Valeant Pharmaceuticals International (VRX) Stock Price Surges After Firm Given Extra Month To File Annual Report

Valeant Pharmaceuticals International Inc. said on Thursday it had obtained approval from its lenders for an amendment and waiver to its credit facility, giving the embattled drugmaker an extra month to file its annual report.

As a result of the waiver, deadline for filing the company’s annual report will be extended to May 31 and the deadline for filing its report for the quarter ended March 31 will be extended to July 31.

The company reiterated that it intended to file its annual report on or before April 29.

Valeant said last week it had asked its lenders for another month to file its annual report, seeking to reduce the risk of a default on its $30 billion debt if it missed the April 29 deadline.

After rising almost 19 percent Wednesday, Valeant shares rallied another 6 percent early Thursday on news of the deal.