Look Who's Suddenly Coddling Bondholders

Bondholders used to be an after-thought in corporations' investor relations: The main focus of IR executives was always the shareholders. No more. Bondholders can hold the keys to life or death for debt-burdened companies. To stay alive, these companies often have to persuade creditors, for instance, to swap high-interest junk bonds for cash, stock, or less-valuable paper.

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