It’s changing the capital structure from equity based to debt based. Effectively it’s a change in ownership from stock holders to bond holders. Indeed it’s a

It’s changing the capital structure from equity based to debt based. Effectively it’s a change in ownership from stock holders to bond holders. Indeed it’s a sensible move if you are in a non-growth industry with stable and predictable cashflows - this is often how utility companies were financed. It’s arguable that that was the intent of Bust Out 1.