Depending on how many bondholders were able to buy the debt at a discount, they could make money "coming and going" on this deal. The last CC, management stated that the debt was trading at a pretty steep discount, yielding "in the mid-teens". How much of the debt was actually traded at these prices, I have no idea. (Hopefully some big bond holders had liquidity problems and had to dump their debt last year. It would be nice to see this company use the recent downturn to their advantage rather than just be victimized by it).