Drugmaker Valeant cuts 2016 outlook, says it faces default risk
The Canadian drugmaker, the target of U.S. investigations into its business and accounting practices, reiterated that it would put off filing its annual report with U.S. regulators but for the first time raised the specter of a default. Defaulting on debt could prompt lenders to demand faster repayment and place restrictions on Valeant's ability to borrow further. As of Sept. 30, Valeant had about $30 billion of long-term debt.
