You do know how a debt for equity swap works don't you??
Debt is exchanged for equity (shares in the company)
Instead of getting 50c in the dollar they now own a large % of the company earning any profit.
The notes didn't mature for another 6 years so these are long term thinking I think they would rather own a large % and reap the rewards in the years to come than take 50c in the dollar now.
Ann: Credit rating change (S&P), page-53
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