The thing about leveraged companies is that they look fine until they collapse; they might still have revenue coming in and be able to sell bonds, but once thei

The thing about leveraged companies is that they look fine until they collapse; they might still have revenue coming in and be able to sell bonds, but once their shareholders' equity hits zero, they are done. This kind of bankruptcy is likely to peak at the end of the crisis, not at the beginning or the middle, and we haven't reached the end yet.