Valeant pitches creditors on higher interest rate, fees

Valeant ($VRX) wants some leeway from its creditors--and to get it, it's shelling out. The company is offering to increase the interest rate it pays by 50 basis points if they agree to ease up and let it off the hook for potential defaults on its debt, sources told Reuters. The company first ran into default risk when specialty pharmacy-related accounting missteps worth $58 million forced it to restate earnings, holding its regulatory financial forms up past its March 15 deadline. Report | More

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