A company, can organise it's own debt exchange , by...

A company, can organise it's own debt exchange , by producing shares as a replacement for legal tender. Instead of paying their debts with money, contractors agree to exchange the amount of money they are owed for the companies shares .
Sometimes, as an incentive to acheive this, the shares are issued at a discount to market and may be sold on market to the public for a say a 20 per cent profit, if they are issued 20 percent below the minimum onmarket trading price .

But what can go wrong? Well the company çan be suspended , then the taker cannot sell the shares.
Also if the company calls a Special Meeting , to approve a consolidation. Then shareholders lose part of their shareholding . The amount they loose depends on the size of the consolidation . But the shares can only be sold when the company , is reinstated back to trading. So the contractor doesn't get paid, until the Company is admitted back to trading ,and also there are buyers on the sharemarket.
The company can say to the contractor , take the shares or else you might get nothing if the company goes into bankruptsy and is liquidated.

If the shares manage to get sold on market , and shareholders later vote for a share consolidation, then the new shareholders experience the loss in value of the shares, proportionate to the size of the consolidation.
In effect this is like a 'pass the parcel, or a round-robin. strategy for debt management, desinged for the company to avoid debt.
This is a debt mananagement strategy commonly practiced by a company in a financially distressed state
,ie, take the shares or possibly get nothing.

As you can see, buyers on market are needed, for this to work , this is why you see such vitriol on a share discussion public chat site.