Valeant, whose U.S.-listed shares were down 3.2 percent at$28.04 n morning trading, said on Wednesday it still intended to meet the end-April deadline.

Valeant said last week that a board committee probing the company's ties to specialty drug distributor Philidor Rx had found accounting problems dating back to December 2014.

On Wednesday, the Canadian drugmaker said the committee had not found any additional items affecting its financial statements, but had not finished its review.

"The company is comfortable with its current liquidity position and cash flow generation for the rest of the year, and remains well positioned to meet its obligations," Valeant said.

An extension to May 31 would give creditors some additional comfort in the near-term, Mizuho Securities analyst Irina Koffler said in a client note.

The longer-term worry, she said, was that Valeant's revenue base would erode over time while the company allocated all available cash to debt repayment.

Valeant said the proposed waiver must be approved by lenders holding more than 50 percent of the company's loans in principal amount.

"Even if they are confident they are going to file by April 29, they still want to give themselves an extra month of runway," said Justin Forlenza, an analyst at Covenant Review.

Valeant also said it was seeking to extend the deadline for filing its report for the first quarter to July 31 from June 24.

The Laval, Quebec-based drugmaker said the amendment to its credit agreement would restrict its ability to make certain acquisitions, pay dividends and make other payments until its financial statements were filed.

The company would also be required to apply substantially all of its net asset sale proceeds to prepay its term loans.

Valeant, under Chief Executive Michael Pearson, was an investor darling for years as it went on an acquisition spree and delivered double-digit profit growth.

But its shares have dropped nearly 90 percent since August when the company's strategy of buying companies and sharply raising prices of their drugs started to come under scrutiny.

Valeant is also under investigation by the U.S. Congress and various U.S. government agencies over to its business strategy and links to links to Philidor, which has since shut down.

Valeant said last week that Pearson would step down after a successor was found. The company also added activist investor William Ackman, whose Pershing Square Capital Management holds 9 percent of Valeant, to its board.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Ted Kerr)

By Ankur Banerjee