Valeant debt is about to get interesting.
If you don't think VRX is a fraud a la Worldcom/Enron etc you could take control of the smallest debt issue and accelerate. As long as Co. cannot file financials it will be forced into 11 and then you recover par.
Lots of covenants and indentures to check but all the large debt funds are sharpenning their pencils on this one. It has a good chance of being goodnight equity if one of the tough distressed guys feels like fighting this one out.