JPMorgan analyst Chris Schott says the notice of default sent to Valeant Pharmaceuticals from Centerbridge Partners "brings some additional complexity to the story." The notice triggers a 60-day period within which Valeant can file its annual report to cure the technical default and completely resolve this issue, the analyst points out. The company could negotiate with a majority of bondholders of 5.5% Notes due 2023 to set aside the default notice, as Centerbridge reportedly owns $250M face value, Schott writes in a research note. He continues to see the annual filing as the key catalyst for shares and keeps an Overweight rating on Valeant.