Generally true but aren't you overstating the power of the bond holders? With the leases in default in totality what bargaining power do they have?
Without goodwill from HCW what's their asset exactly? Aren't they at risk of walking away with nothing? An administrator can't force HCW to provide free tenancy.
What's to stop HCW saying "see you later guys" across the board and installing new operators willing to take over the leases?
Sure it might be staggered for some hospitals but I don't see the bond holders having too many cards to play.
There is of course a question of the timing of this, how it plays out in an election campaign and whether the timing of default was a consideration.
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