https://www.bloomberg.com/opinion/articles/2017-11-17/blackstone-may-do-its-cleverest-cds-trade-again https://www.bloomberg.com/opinion/articles/2017-11-17/blac

https://www.bloomberg.com/opinion/articles/2017-11-17/blackstone-may-do-its-cleverest-cds-trade-again https://www.bloomberg.com/opinion/articles/2017-11-17/blacks... The tldr is that they bought credit default swaps for debt owed by Codere SA, and then offered the company financial assistance to restructure with the requirement that they pay their existing debt late to trigger a default.