Citi Credit analyst Murali Ganti says he's "somewhat confused" over the timing of the default notice received by Valeant Pharmaceuticals. The company has already agreed under its recent Credit Agreement amendment that it has until May 31 to file its annual report, Ganti tells investors in a research note. Since an event of default would be deemed to have occurred if a filing is not done by that date, bondholders delivering a notice of default that would only kick in on June 11 "seems a little redundant," the analyst writes. He believes Centerbridge Partners, the reported primary holder on the default notice, now has some optionality to accelerate should the company not file its financials on time. Should Valeant release its annual filing by its reconfirmed date of April 29, last night's default notice is not very relevant, Ganti notes.