REPORT: One of Valeant's creditors just gave it the worst possible news

One of Valeant Pharmaceuticals' creditors has told the company that they will call a default on the company, Dow Jones reports.

Earlier this month, Valeant announced that it had secured agreement to avoid default and refinance $11 billion in secured loans from 50% of those creditors.

The company risked default because it had failed to file its annual report by March 15, and a failure to file it before April 29 would have triggered a technical default on those loans.

The stock is down over 6% in after market trading.

More on this to come...