If you've issued long-term bonds and rates go up, you can buy back your own bonds below par and earn a profit (depending on rate movements etc). And when it mat

If you've issued long-term bonds and rates go up, you can buy back your own bonds below par and earn a profit (depending on rate movements etc). And when it matures, you can likely issue more stock if the cash flow situation of your company hasn't changed. The only route for insolvency is if you've used debt issuance to pull more cash out of the company than the actual equity slice should have been worth.