> While it would be nice for companies to honor such promises through mergers, it would make many toxic when the obligations of their generosity is what led to

> While it would be nice for companies to honor such promises through mergers, it would make many toxic when the obligations of their generosity is what led to their insolvency. Letting companies discharge debts and obligations at will, instead of through bankruptcy, has bad consequences. It means contracts with them aren't worth the paper they're printed on, if they can shed obligations when they wish (but keep what you paid them).