PREVIEW I Bausch Health: From Valeant to Restructuring

Bausch Health is one of the more complex liability management stories of the past few years. What began as Valeant’s roll-up machine has become a heavily levered credit caught between litigation and maturities.

By 2022, the company was generating over $1 billion of free cash flow but was still buried under $24 billion of debt. A $10 billion wall of maturities was approaching, and unsecured creditors were circling.

The company responded with a three-phase restructuring: the Bausch + Lomb IPO, a secured debt raise, and a creative dropdown of its crown jewel assets. Each step bought time, but also escalated creditor fights.

This Friday, Pari Passu Premium breaks down how management used every tool in the restructuring playbook, and why the story is still far from over.

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