what debt sales tell you about billabong, page-11

Fair enough, I also think there's a very high probability the debts will be repaid in full, it's just that it's not a certainty, hence the discount for risk.

I guess another hurdle would be trade creditors, who get paid after the banks but before shareholders. They may pay their bank debt in full, but they'll still have to deal with substantial trade liabilities. I don't think being able to repay bank debt in full means they'll be out of the woods.