repotted while in spike

[Claudia]

The very first orchid I bought (more than 2 years ago) got sick. It had 2 spikes but it started drying and losing the flower buds. Then is started loosing the leaves. At this point I realized that probably I watered it too much and wanted to repotted it. I know that is not good to repot while in spike but the orchid was getting worse so I decided to go ahead. I found the medium very wet and most (almost all) roots rotten, so I cleaned up the roots and repotted it using bark (had some kind of moth before).
Now I think I probably did the right thing repotting it but I am not sure it can recover ....