Swap meets

There is no such thing as a successful debt-for-equity swap. It is, after all, a last-ditch effort to keep the company from collapsing under the weight of its debt. Those who loaned the money are told they will not be paid back fully and offered shares in the company that has already once let them down. The original shareholders are pushed aside and left with at most a tiny stake in the newly issued equity. The debt restructuring often takes place in the bankruptcy court, a place synonymous