The old saying goes
If you owe the bank $1MM, the bank owns you, if you owe the bank $30 Billion! You own the bank! Valeant and new management will be given a chance to turn the business around and the lenders will work with the company to make sure this happens. Valeant has many valuable assets producing real cash flow. Demand for their products is strong and in most cases they are the only option for the medication under patent protection. The acquisition model Valeant as we knew it is dead, but this can still be transformed into a successful traditional pharma company. Q1 financials will really tell the story.