Lenders have approved troubled Valeant Pharmaceuticals International Inc.’s (VRX.TO 0.00%) request for an extension to its deadline for filing its already delayed annual report.

The Laval, Que.-based drug giant said on Thursday that creditors holding more than 50 percent of the company’s loans in principal amount voted yes to a waiver and amendment to its credit facility. This provides breathing room as Valeant deals with several issues, including managing about US$31-billion of debt.

The lenders were in a position to trigger a default situation on April 29 if the company failed by then to file its annual report, known as a 10-K, with the U.S. Securities and Exchange Commission.

Valeant said on Thursday the deadline for filing the 10-K will be stretched to May 31, and the deadline for filing its first-quarter report has been extended to July 31 from June 14.

“While the Company is working diligently to file its Form 10-K and Form 10-Q (quarterly report), these extensions provide relief under the credit facility in the event the Form 10-K is not filed by April 29, 2016 and the Form 10-Q is not filed by June 14, 2016,” Valeant said in a news release.

The company’s 10-K was originally to have been filed March 15.

In February, Valeant disclosed it had discovered an error in the way revenue was booked that would require a restatement of earnings. The company conducted an internal review of its accounting and financial reporting methods.

On Tuesday, it said that a special ad hoc committee of the board found no additional accounting issues that would have required more revisions to its earnings statements.

Valeant has been under fire for months over certain aspects of its business practices and the dramatic price hikes on some of its drugs.

Chief executive officer Michael Pearson is preparing to step down and has been subpoenaed to testify before a U.S. Senate committee later this month. He has agreed to stay on until a replacement is found.