Valeant Shares Plunge On Report Creditor Has Called Default

Valeant Pharmaceuticals shares fell 7% in late trading Tuesday on a report by The Wall Street Journal saying bond fund Centerbridge has notified the company of its intention to call a default. Centerbridge cited Valeant's delay in filing its annual report, the newspaper said, citing sources. The company said late Monday it had gotten an extension to file the report. The delay in filing with the Securities and Exchange Commission has left Valeant open to creditors that can force early repayment of debt. Valeant shares had ended the regular trading session up 2%.

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