NEW YORK — Valeant Pharmaceuticals International is walking a very fine line with its $31bn of debt.On Tuesday, the drug maker further reduced its forecast for adjusted earnings before interest, tax, depreciation and amortisation (ebitda) to $4.8bn-$4.95bn, from a March estimate of $5.6bn-$5.8bn.That puts Valeant right up against financial thresholds it has to maintain to comply with its agreements with lenders, which are watching closely after Valeant’s business has suffered under pressure from politicians and health insurers. If earnings and debt-coverage thresholds are missed, the lenders could demand repayment."Any further reductions in earnings will put them at risk for paying down debt," said Bloomberg Intelligence analyst Elizabeth Krutoholow. "Valeant’s lower guidance may be more reasonable, but debt repayment concerns remain."Valeant expected to have $1.7bn of cash flow available to service debt in 2016 and would comply with covenants in its credit agreement this year if it...
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