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U.S.-listed shares of Valeant Pharmaceuticals fell in extended trading after the company received a notice of default.
The Wall Street Journal first reported that Centerbridge Partners intended to call a default because of Valeant's delay in filing its annual report. The pharmaceutical company said in a statement that it has until June 11 to file the 10-K form, which would "cure the default in all respects."
Valeant shares fell as much as 8.1 percent after hours Tuesday.
Sources told the Journal that Centerbridge holds about $250 million in Valeant bonds. Valeant said in a statement that it received the notice from the holders of its 5.5 percent notes due 2023.
Valeant had previously warned investors of such default notices during its March 15 preliminary earnings call. The company also said in its statement that it is still on schedule to file its annual report by April 29.
Sources also told the Journal that board member Bill Ackman discussed the issue with Centerbridge this past weekend.
Valeant declined to comment to CNBC beyond its statement. Centerbridge declined to comment in response to a request from CNBC.