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Valeant Pharmaceuticals International Inc. is offering its highest-ranking creditors more control over its cash in return for giving it additional flexibility to tackle its more than $30 billion debt load.

The embattled drugmaker that grew its business through more than 50 acquisitions wants investors in its loans and credit line to give it the flexibility to sell more of those assets — on the condition that proceeds be used to repay secured borrowings, according to a person with knowledge of the matter. The company is also seeking to permanently loosen the ratio on its interest coverage maintenance covenant to two times from 2.75 times, said the person who asked not to be identified without authorization to speak publicly.

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