Further to your point - who would pay 90% of par for 7 year paper from a Ch11 company without an extreme level of confidence that they would be repaid, and very likely in far less than 7 years?
Do you know the yield to maturity on the 2016 bonds? I suspect that it is far lower than the DIP financing's 18% coupon rate--despite the fact that DIP financing is, I believe, senior in position and has a closer-in maturity!
News 
Market Data 
Discover 
