I guess that's it, a bad recession leads to less collection and a write down of existing PDLs, suddenly balance sheet gets hamered and covenants are breached in a worst case scenario. In a mild recession however, there could be some opportunity given CCP is healthier than competitors and less competition for PDLs as funding may be tighter in industry. At this stage things could be bad for a few months, but it is likely only a few months and the gov has ammo up it's sleeve to cushion the worst effects, China won't sit still either.
on another note, this is pretty disasterous for CLH. Its currently suspended needing funding or a buy out similar to PNC.
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