Connacher Oil and Gas

My impression is that they are trying to sell the debt to someone else at a premium. Nothing changes for cll, the new bondholder now collects the interest and final payment in 2018,2019.

The current bond holder is convinced that a buyout is coming and so they feel they will never get al the interest from the loans. The interest is the name of the game for the bond holder.

If the company gets sold the new owner will likely pay off the debt or refinance it at better terms and so the current bond holder will lose out.