Valeant Pharmaceuticals International Inc. has again reached a deal with its loan holders to amend its debt terms, giving it more breathing room as it continues to dig out from a year of business and accounting distress.
The amendment announced Thursday makes it easier for the Canadian drugmaker to meet a key debt-covenant requirement. It also gives Valeant more flexibility to sell assets and borrow more, as it aims to pare its $31 billion debt load.
But Valeant's troubles aren't fully behind it. T. Rowe Price Group Inc. filed a lawsuit against the company earlier this week in federal court in New Jersey, according to court documents made available Thursday. The mutual-fund giant, which was once one of Valeant's biggest shareholders, alleges that Valeant engaged in “a fraudulent scheme” that cost it and other shareholders billions of dollars.
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