Drugmaker Valeant faces debt default risk; shares plunge 46 percent

Valeant Pharmaceuticals International Inc's shares plunged 46 percent on Tuesday after the company said a delay in filing its annual report put it in danger of a default on its $30 billion (£21.2 billion) in debt. The news from the Canadian drugmaker, which also slashed its 2016 sales and earnings outlook, prompted Bill Ackman, whose Pershing Square Capital Management is one of Valeant's largest shareholders, to tell investors that he would take a much more active role there. During a more