Priority Aviation Inc (PJET)

[ForReal]

I have to disagree for one simple reason. Those notes were convertible to shares at a discount to market. So, that portion of PJET that went private could not conflict with the right of the debtor to convert debt to shares. Thusly, the debt must remain with the company that will allow conversion of debt to shares.
These being new owners, with little business experience would make it difficult for the debt holder to just write off the debt for future considerations.

This is just another typical "get out from under" transfer of the company to a new bunch of corporate officers. Janice made a good point about the lack of shares to cover conversions. Debt holders are not a forgiving bunch. It is about making money, not giving a new bunch a chance to become rich at the debt holder's expense.