if BNB is indeed allowed to survive, it is interesting to see...

if BNB is indeed allowed to survive, it is interesting to see someone in the press finally understands that you cannot just dilute away the bonds like you will be able to the ordinary shareholders.

There will be a balance for the bondholders between being really bloody minded and sticking out for a $100 payout per note or accepting something of a lesser price in the debt for equity swap to allow the company to survive.

I suspect this could be a real sticking point between the company and the banks as really they are not representing the rights of bondholders, neither do they have control over them. They need to be taken care of if the debt for equity swap is going to proceed.