beppa in 2012, page-73

If they were really serious, they could come into the market and (say) offer to buy $50M worth at 50 cents and simply stand there and bid for them. Every one they bought back and cancelled would be a profit for the company and also put more equity onto the balance sheet. But they would not be able to do this until all non-recourse debt is either settled or they have money put aside to settle it.

It would be a real "put up or shut up" for the market. Normally I would consider such buybacks of discounted listed debt as somewhat insulting, but given that the market has treated BBI so harshly, I would excuse them in that situation.