Valeant's stock surges after company seeks waiver to credit facility

http://www.marketwatch.com/story/valeants-stock-surges-after-company-seeks-waiver-to-credit-facility-2016-03-30?link=MW_latest_news

Valeant Pharmaceuticals International Inc.'s stock VRX, +5.59% surged 4.4% in premarket trade Wednesday, after the drug maker said it was seeking an amendment and waiver to its credit facility. As part of the waiver, the company is looking to extend the deadline for filing its Form 10-K annual report to May 31, and the deadline to file its first-quarter report to July 31. Under terms of the proposed amendment, the company is seeking to amend the interest coverage maintenance covenant and certain financial terms that would allow for additional flexibility in the financial covenants. "The Company is comfortable with its current liquidity position and cash flow generation for the rest of the year, and remains well positioned to meet its obligations," the company said in a statement. Valeant missed the previous deadline to file its annual report as it completed an investigation into revenue recognition and inventory accounting. The company has also faced scrutiny over drug pricing. The stock has plunged 71% year to date through Tuesday, while the S&P 500 has gained 0.5%.

http://www.marketwatch.com/story/valeant-pharmaceuticals-launches-credit-facility-amendment-2016-03-30 

Biotech seasonality just kicked into over drive folks....